Has your home been on the market for months with little or no activity? It’s a tough way to live, keeping everything in perfect showing condition day after day and then getting no offers. Media reports on “weakness in the housing market” are no help and you may be pondering your options and wondering what to do if your house does not sell this year.

It depends on why you are selling. If you have decided to relocate out of the area or you have already purchased another home, then you have to sell and you are faced with a pricing challenge. Even in this challenging market, there is a price at which any home will eventually sell. It’s not necessarily a number that you as the Seller will like, but a good property priced right will sell.

If, however, your reason for selling is because your current home just doesn’t meet your needs as well as it did, there are ways to remodel your home and turn it into your dream home without moving. Maybe you are becoming a year-round resident and your vacation home doesn’t have enough space or needs updating. It could be that the family is grown and out of the house and your needs have changed. Many Boomers may now want a home with a first-floor master suite, for example. Depending on space available and lot size, an elegant master suite can be created through interior remodeling or with an addition.

In the “Remodeling Cost vs. Value Report, 2006”, Remodeling Magazine reports that a Master Suite addition in the South Atlantic Region, ranges in cost from $84,883 to $163,964. In this report, an upscale master suite addition at the high end of the price range is defined as a 32 x 20 foot master bedroom suite over a crawl space. It features a spacious sleeping area with a sitting area adjacent to a large master bath. With custom built-in bookcases and storage, high-end gas fireplace with a stone hearth and custom mantle, large closet/dressing area and French doors opening to a veranda or outdoor space. The bath includes a large walk-in shower with dual shower system, stone shower walls and floor and a corner-design whirlpool tub bordered by windows and built into granite or marble platform. It also includes in-floor heating, elegant hardware, specialty lighting, custom cabinetry and more. You can find complete details at www.remodelingmagazine.com.

Using this example, you may be more likely to end up with your dream master suite, designed to suit your specific needs and wants. Even if you did sell your home and went looking for the perfect home, it’s likely you would have to compromise. Other popular projects that will turn your family home or weekend vacation home into a more upscale, comfortable retirement home might include a bathroom remodel, estimated to cost between $11,788 and $35,212, a bathroom addition, from $25,867 to $55,878, or perhaps a major Kitchen Remodel that could run anywhere from $50,860 to $103,529.

In many new home communities, one of the most popular options is the addition of a Sunroom. Remodeling Magazine’s survey shows that you can add a 200 sq. ft. sunroom to your existing home for around $46,378. Other projects to consider will improve energy efficiency as well as aesthetics and curb appeal. New siding can range from $8,285 to $12,846 for approximately 1250 sq. ft., depending on the type of siding. At the high end is the new fiber-cement siding, factory pre-primed and pre-painted. New windows are also a great investment and can run $9,162 to $15,607 to replace ten 3x5 ft. windows, depending on materials.

The right remodeling project will reward you now and again if you do decide to sell. First you will end up with the home you really want and can enjoy for years. Then, when the market improves, your home that will sell faster for a better price because it will have the features Buyers are looking for.

If you have trouble locating the full Remodeling Cost vs. Value Report online, just give me a call and I’ll be happy to send you a copy of the summary. It covers the construction costs and resale values for 25 common remodeling projects in 60 U.S. markets.