Besides wanting to know how much a remodeling project will cost and when the work will begin and end, customers have one core concern: how much the investment will add to the home’s value. Landscaping and fresh paint may lure house hunters inside, but once in the door, buyers of existing homes look for functionality, durability, and convenience. That is why it is so important for a resale to be modernized. Kitchens and baths are among the most popular home improvement projects, which also drive the largest return on investment. Even the smallest changes to a dated kitchen or bathroom can improve a potential buyer’s overall impression of a house.
Before making a final decision about remodeling, you need to know the value-added benefit of your proposed project and how home improvements affect property values in your geographic region.
| Project |
Job Cost
|
Resale Value
|
Cost Recouped
|
| Siding Replacement, Upscale |
$10,393
|
$10,771
|
103.6%
|
| Bathroom Remodel, Mid-Range |
$10,499
|
$10,727
|
102.2%
|
| Minor Kitchen Remodel, Mid-Range |
$14,913
|
$14,691
|
98.5%
|
| Siding Replacement, Mid-Range |
$7,239
|
$6,914
|
95.5%
|
| Two-Story Addition, Mid-Range |
$80,133
|
$75,831
|
94.6%
|
| Attic Bedroom, Mid-Range |
$39,188
|
$36,649
|
93.5%
|
| Bathroom Remodel, Upscale |
$26,052
|
$24,286
|
93.2%
|
| Major Kitchen Remodel, Mid-Range |
$43,862
|
$39,920
|
91.0%
|
| Deck Addition, Mid-Range |
$11,294
|
$10,196
|
90.3%
|
| Basement Remodel, Mid-Range |
$51,051
|
$46,010
|
90.1%
|
| Window Replacement, Mid-Range |
$9,684
|
$8,681
|
89.6%
|
| Window Replacement, Upscale |
$16,096
|
$14,259
|
88.6%
|
| Bathroom Addition, Mid-Range |
$22,977
|
$19,850
|
86.4%
|
| Roofing Replacement, Upscale |
$16,453
|
$14,141
|
85.9%
|
| Bathroom Addition, Upscale |
$47,212
|
$40,488
|
85.8%
|
| Major Kitchen Remodel, Upscale |
$81,552
|
$69,194
|
84.8%
|
| Roofing Replacement, Mid-Range |
$11,164
|
$9,456
|
84.7%
|
| Family Room Addition, Mid-Range |
$54,773
|
$45,458
|
83.0%
|
| Master Suite Addition, Mid-Range |
$73,370
|
$60,460
|
82.4%
|
| Master Suite Addition, Upscale |
$137,891
|
$110,512
|
80.1%
|
| Sunroom Addition, Mid-Range |
$31,736
|
$23,643
|
74.5%
|
| Home Office Remodel, Mid-Range |
$13,143
|
$9,569
|
72.8%
|
The value of any remodeling project also includes elements that can not readily be measured in dollars and cents. For example, adding a family room can immeasurably improve the quality of life for a growing family with young children. Likewise, increased storage in a room may free up space for exercise equipment in another part of the house. Taken together, the overall effect is reduced stress, increased comfort, and improved physical and mental well-being.
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lifestyle of potential buyers if you chose to sell your home. It’s important to consider the resale value of your project when remodeling by considering how easily your home or project’s layout could be utilized by
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