Major home remodel may not pay off

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Several years ago, if your home no longer suited your needs, you bought another one that worked better. Generally, listings sold quickly, so many homeowners bought first and then sold the old home. Today's challenging residential real estate market makes this process more risky. For some homeowners, it's impossible due to tight credit markets. One option is to remodel your current home so that it better suits your needs. This can work provided the neighborhood isn't the most compelling reason for your move. If you just need more space, adding an extra bedroom, bath or family room might solve the problem. Keep in mind that remodeling also carries a financial risk if you overimprove for the neighborhood. To keep from making this mistake, consult with an architect and/or contractor to find out the feasibility of the project and approximate cost. Be sure to factor in unexpected cost overruns. Then check with your real estate agent to find out recent selling prices in the neigh...