It’s rare to refurbish or add space and recoup the expense from a sale in the short term and even more unlikely now that it’s anyone’s guess when prices will recover, says Gary Smith, Pomona College professor and co-author of “Houseonomics: Why Owning A Home is Still a Great Investment.”

He says spend only when “it’s easier to remodel than sell and buy another house.” Owners who like their neighborhood and know that they won’t find a better house at their price point are ideal remodel candidates, he says.

Tinley Park appraiser T.J. McCarthy agrees, adding that “a very few improvements may give you full value right away” such as installing central air if your house is the only one in the neighborhood without it.

click here for article