Home Owning

Home improvement or remodel

Personalizing your home or property and customizing it to your tastes and circumstances is a very large industry in the United States. The words “home improvement” suggest that whatever the project is that it will add value or improve functionality or appearance to your home.

 

Homeowners will often remodel without considering if the remodel adds value to the property – until they come to sell. Only then do they discover the marketplace may shun their investment for a coy pond, swimming pool or whatever action was taken.

 

With thousands of outlets and distribution channels, competition for these remodel dollars is intense, and sometimes the vendor will unwittingly say or do just about anything to make a sale.

 

If you have a home improvement or remodel project you are contemplating, and you are uncertain if the improvement will add value, or will somehow detract, just Ask Monty.

  1. Have we made costly homeowner mistakes? Agents are stating one of our bedrooms is not a bedroom. Can this be true?

    Reader Question: Did we make some costly homeowner mistakes? We are selling our home we bought 40 years ago. We finished the unfinished upstairs ourselves to save money after we bought it. We raised four children here. Now the real estate agents say because one of the bedrooms is accessed through another bedroom and lacks a […]

    August 21, 2017
  2. Will adding solar panels affect the value of my home?

    Reader Question: ​How will adding solar panels to my home affect its value? Are the panels an asset or a liability? Does their value change with time? ​Monty’s Answer: You are asking questions that rely on science and future events that are beyond the scope of my expertise. With that qualification, here is one person’s […]

    August 7, 2017
  3. Do all home improvements make financial sense?

      Reader Question: I am worried that my home improvements are not going to pay off at all when I sell my house. Do all home improvements make financial sense? Jason C. Monty’s Answer: Not all home improvements make financial sense. Some homeowners make improvements because they want a particular feature or “feel, ” without […]

    April 12, 2016
  4. Is it worth it to finish a dirt floor basement?

    Reader Question: I am considering buying a home built in 1908. The basement has a dirt floor. Is there any financial advantage in have the floor finished with concrete? Monty’s Answer: Hello Michael, and thanks for your question. Homes with dirt floors in the basement are more common than we realize. Let us assume there is […]

    September 24, 2013
  5. Tips To Make Finishing Your Basement Pay

    Reader Question: I have seen estimates and rules of thumb regarding the value added to a home by finishing the basement. They vary widely, from $20.00 to $90.00 per square foot. An online website values my home for $150 per square foot. At a $20.00 per square foot return, finishing the basement isn’t worth my […]

    December 5, 2012
  6. Strategies On Choosing A General Contractor

    Reader Question: Monty, our company is expanding. We have an eye on a 10,000 square foot all-brick warehouse built in the 50’s. We want to gut it and turn it into an edgy-high tech office. We expect we can invest about 1.3M including 500T for improvements, based on the market rents in the neighborhood. What is the […]

    October 31, 2012
  7. Are Savings Possible Combining Adjoining Tax Parcels

    Reader Question: Dear Monty, My wife and I recently purchased some lakefront property. The property contains two small, similar lots. We plan to keep both of them. One lot has a cabin, and the other is vacant. We currently pay property taxes of $800 (cabin parcel) and $550 (vacant parcel). At the time of purchase, […]

    September 10, 2012
  8. Throwing The Bathtub Out With The Bathwater

    Reader Question: Dear Monty, I have a real problem and I’m hoping you can help me. My husband and I are in our 60’s and planning on remodeling a small bathroom in our bedroom. I want to remove the tub with a larger shower only for easier access for us in our future, but my […]

    May 20, 2012