Is It Worth It? The Value of Remodeling

Do you want to remodel or add on to your existing house? Are you worried about whether the costs and headaches are worth the benefits? You're not alone. More and more Americans are deciding that remodeling their homes is worth it. Remodeling has increased more than 40 percent in just the last six years. The Joint Center for Housing Studies at Harvard recently released a report called “Measuring the Benefits of Home Remodeling.” The report takes a closer look at the issues centered on housing and remodeling issues. It makes a strong case that investing in our homes contributes significantly to our financial well being. The cost of home improvements is often recovered in the form of higher home values. As a summary, it states:

“Home improvement has become the great national pastime. Whether remodeling a kitchen, adding a family room, installing replacement windows, or simply changing a light fixture, millions of Americans each year undertake some type of home project. For individual owners, investing in their homes in this way not only improves their comfort and safety, but also their ability to build wealth and achieve financial security. For society as a whole, home improvement spending bolsters annual growth of the economy at the same time that it preserves and enhances the nation's $13 trillion housing stock.”

For a look at the complete report, go to: www.jchs.harvard.edu and under “Latest Releases,” click on R03-1: Measuring the Benefits of Home Remodeling. (Adobe Acrobat Reader is required to read the report.)