Informed Consumers Know the Added Value of Remodeling & Weigh Cost versus Investment
People are remodeling their homes more than any other time in history. As the existing housing supply ages in the U.S., this trend is expected to continue and increase.
Living in your home that you just love, you plan to stay there for at least five or more years, and it’s located in a great neighborhood – than remodeling makes perfect financial sense.
Remodeling will give your kitchen a fresh updated look, provide your family the additional space it needs, or it can make an ordinary bath luxurious. A well-planned additional square-footage, efficient and up-to-date kitchens, design-smart bathrooms generally increase the value of your home.
Additionally, home owners are capturing the increasing rental market by remodeling an extra room or doing a basement conversion which can bring in long term rental income without having to move out of your home.
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.
While we live in a global economy, property values remain closely tied to local trends and conditions. The information provided in the table below gives you some useful trend information regarding home improvement returns on investments. These average percentages come from the remodeling 2017 Cost VS Value. http://www.remodeling.hw.net/ Benchmarks
|MIDRANGE||Job Cost||Resale Value||Cost Recouped|
|Attic Bedroom Remodel||58,532||49,092||83.9%|
|Backup Power Generator||13,980||6,337||45.3%|
|Deck Addition (composite)||18,677||13,756||73.7%|
|Deck Addition (wood)||12,343||10,864||88.0%|
|Family Room Addition||100,098||71.119||71.0%|
|Home Office Remodel||32,051||17,070||53.3%|
|Major Kitchen Remodel||67,580||49,644||73.5%|
|Master Suite Addition||130,781||90.977||69.6%|
|Minor Kitchen Remodel||22,765||21,389||94.0%|
|Window Replacement (vinyl)||11,259||10,697||95.0%|
|Window Replacement (wood)||12,283||12,215||99.5%|