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Normal wear and tear take their toal on your home; and regular maintenance is necessary to keep the home livable, and to maintain the value of your property when you sell. A few quality upgrades, beyond the normal maintenance needed on your home, will not only make it more livable, but will actually pay for themselves when the house is sold, or refinanced.
Remodeling Magazine's annual nationwide survey, Cost vs. Value, gives some insight into which re-do's are likely to pay for themselves. Not all remodels are created equal, or provide equal value.
|Remodeling Job||Average Job cost||% of Cost Recouped|
|Attic Bedroom||35,100||77 - 157%|
|Master Suite||70,500||71 - 131%|
|Family Room Addition||53,200||74 - 137%|
|Minor Kitchen Remodel||16,900||100 - 111%|
|Major Kitchen Remodel||41,500||97 - 108%|
|Bathroom Addition||16,200||82 - 89%|
|Two Story Addition||75,000||81 - 87%|
|Home Office||11,500||67 - 81%|
|Bathroom Remodel||10,000||61 - 79%|
|Basement Finishing||44,500||54 - 64%|
Why is there a "range of value" in the last column? Job cost influences the final value, but where the home is located, and the value of similar homes in the same area will also influence the final value of the remodel. If the home is undervalued in relation to similar homes in that area, the remodel will recoup a much larger percent of the job cost. Knowing the value of your home in relation to your community is the first step in home improvements.
|MLS||www.shirleycanada.net for all of your real estate needs! Shirley Canada sells the Denver Metro Area one yard at a time. Her site includes: Free MLS Search; Free buyer or Seller Tips; Free Market Analysis. Do you have a home improvement project planned? How much will it increase in value? Which maintenance should be done before selling, or refinancing?|
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