How much can I spend on remodeling and not loose money on resale?

13726 Queensbury in Wilchester West, was listed at $850,000 or $239psf and went under contract in 6 days.

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I recently answered this question for clients in two neighborhoods: Wilchester/Wilchester West north and south of Memorial. These neighborhoods have lovely homes with good floorplans that lend themselves to remodeling. New construction nearby is just under $1,000,000 and above and often in the $250-$260psf range.  With homes in short supply families find themselves looking at purchasing a home in original condition and spending several hundred thousand in remodeling. The numbers can seem staggering at first but you have to look at what beautifully remodeled homes in the neighborhood are selling for.

Also these neighborhoods have been very much in demand and will most likely continue to experience rising prices.  So I looked at what homes south of Memorial were selling for:  several had sold around $850,000 with varying amounts of remodeling.  For the homes north of Memorial the top dollar sales were around $800,000.  It’s a viable option for families who want to live in these wonderful neighborhoods.