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More people are remodeling their homes today than any other time in history. As housing stock ages in the U.S., this trend is expected to continue and increase.
If you live in a house that you generally love, you plan to stay there for at least five more years, and it’s located in a desirable neighborhood - remodeling makes perfect financial sense.
Remodeling can give your home a fresh, updated look. It can give your family the space it needs, or it can make an ordinary home luxurious. Well-planned and utilized square-footage, efficient and up-to-date kitchens, and design-smart bathrooms generally increase the value of your home.
Some home improvements, such as the installation of well-made replacement windows, can both boost the value of your home and help you control ever-increasing heating and cooling costs.
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 a national study conducted by Home-Tech Information Systems, a remodeling estimating company in Bethesda, Maryland.
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Project
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Job Cost
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Resale Value
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Cost Recouped
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Siding Replacement, Upscale
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$10,393
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$10,771
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103.6%
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Bathroom Remodel, Mid-Range
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$10,499
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$10,727
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102.2%
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Minor Kitchen Remodel, Mid-Range
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$14,913
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$14,691
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98.5%
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Siding Replacement, Mid-Range
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$7,239
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$6,914
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95.5%
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Two-Story Addition, Mid-Range
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$80,133
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$75,831
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94.6%
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Attic Bedroom, Mid-Range
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$39,188
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$36,649
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93.5%
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Bathroom Remodel, Upscale
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$26,052
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$24,286
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93.2%
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Major Kitchen Remodel, Mid-Range
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$43,862
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$39,920
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91.0%
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Deck Addition, Mid-Range
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$11,294
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$10,196
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90.3%
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Basement Remodel, Mid-Range
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$51,051
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$46,010
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90.1%
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Window Replacement, Mid-Range
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$9,684
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$8,681
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89.6%
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Window Replacement, Upscale
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$16,096
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$14,259
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88.6%
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Bathroom Addition, Mid-Range
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$22,977
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$19,850
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86.4%
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Roofing Replacement, Upscale
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$16,453
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$14,141
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85.9%
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Bathroom Addition, Upscale
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$47,212
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$40,488
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85.8%
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Major Kitchen Remodel, Upscale
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$81,552
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$69,194
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84.8%
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Roofing Replacement, Mid-Range
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$11,164
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$9,456
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84.7%
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Family Room Addition, Mid-Range
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$54,773
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$45,458
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83.0%
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Master Suite Addition, Mid-Range
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$73,370
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$60,460
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82.4%
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Master Suite Addition, Upscale
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$137,891
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$110,512
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80.1%
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Sunroom Addition, Mid-Range
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$31,736
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$23,643
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74.5%
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Home Office Remodel, Mid-Range
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$13,143
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$9,569
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72.8%
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Please use this information as a general starting point when considering your proposed remodeling project and potential increases in your property value.
For more information or to schedule a free consultation, contact us today!
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