Remodeling Your Home Pays Off
If you haven't ever thought about remodeling your home.... well maybe you should. It turns out that remodeling projects can add tremendous value to your home, relative to the cost. The National Association of Realtors (NAR) publishes a report each year that shows the Cost vs. Value relationship of remodeling different parts of your home, in different markets in the U.S. The 2005 report shows the greatest return at resale is by upgrading the following:
- Bathroom (mid-range remodeling)
- Kitchen (major - mid-range remodeling)
- Siding (mid-range replacement)
- Window (mid-range replacement)
For example, a 'mid-range' bathroom remodel would mean replacing all fixtures including: bathtub, sink, toilet, stripping the floors and adding new ceramic tiles, and painting the walls or adding vinyl wallpaper. A project like this would run you around $10,000 - $11,000 but you would recoupe 104% (on average) when you sell your house. If you can do some of the project yourself, your costs would be lower so you could recoupe even a greater percentage.
Interestingly, if you want to do an 'upscale' remodel (add polished
nickel faucets, designer sinks, top-of-the-line fittings, etc.) you many not actually recoupe all of your costs, as indicated by the report. So keep that in mind before you purchase your luxury steam shower but don't let me stop you!
Some other value-added remodeling projects worth considering include: deck addition, roofing replacement, basement remodel, and bathroom addition
- Bathroom (mid-range remodeling)
- Kitchen (major - mid-range remodeling)
- Siding (mid-range replacement)
- Window (mid-range replacement)
For example, a 'mid-range' bathroom remodel would mean replacing all fixtures including: bathtub, sink, toilet, stripping the floors and adding new ceramic tiles, and painting the walls or adding vinyl wallpaper. A project like this would run you around $10,000 - $11,000 but you would recoupe 104% (on average) when you sell your house. If you can do some of the project yourself, your costs would be lower so you could recoupe even a greater percentage.
Interestingly, if you want to do an 'upscale' remodel (add polished
nickel faucets, designer sinks, top-of-the-line fittings, etc.) you many not actually recoupe all of your costs, as indicated by the report. So keep that in mind before you purchase your luxury steam shower but don't let me stop you!Some other value-added remodeling projects worth considering include: deck addition, roofing replacement, basement remodel, and bathroom addition
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