What To Remodel & Why?

Hays Home Improvement

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What to Remodel & Why?

REMODELING's Cost vs. Value :

Two important questions on the minds of most remodeling customers: How much will my project cost, and will I get most of my money back, if and when I sell. Across all projects, the share of construction costs recovered is down(Fall 2007), although the rate of decline has slowed. That said, remodeling is still a pretty good investment. When comparing cost estimates for actual projects, remember that averaging tends to have a leveling effect on "Job Cost". And as always, seemingly small differences in size, scope, or quality of finishes can dramatically affect final project cost. It's also important to consider whether a remodeled space reduces the perceived number of rooms or available square footage. For example, carving a half-bath out of unused storage space under a stair case is an obvious gain in usable space. But converting an existing bedroom into a master bath, while a positive development in many respects, may reduce the total number of bedrooms. The "cost recouped" for a given remodeling project depends on a variety of unpredictable factors, many of which are more important than the construction cost. These factors include the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. Finally, local conditions also play a part, causing "averages" to sometimes appear too high or too low, even when comparing neighborhoods in the same city. If resale value is the major factor for your decision to remodel, please feel free to ask about home prices in your area. As a experienced Realtor, I'll be happy to discuss your remodeling "projects cost" vs." the recouped" cost in your neighborhood.

Below are both National & Local "cost vs. value" for 2007 remodeling projects(averages).

Local *		Midrange Projects

Job Cost	Resale Value	Cost Recouped

$62,563	$40,758	65.1%	Basement Remodel
$38,995	$21,980	56.4%	Bathroom Addition
$16,424	$11,275	68.6%	Bathroom Remodel
$10,546	$7,928	75.2%	Wood Deck
$28,184	$13,561	48.1%	Home Office Remocel
$57,156	$39,701	69.5%	Major Kitchen Remodel
$21,672	$16,089	74.2%	Minor Kitchen Remodel
$10,353	$7,977	77.1%	Siding Replacement
$11,085	$8,124	73.3%	Vinyl Window Replacement
$12,046	$8,550	71.0%	Wood Window Replacement

		Upscale Projects

$76,009	$45,494	59.9%	Bathroom Addition
$52,124	$31,141	59.7%	Bathroom Remodel
$15,368	$10,822	70.4%	Composite Deck
$111,326	$73,216	65.8%	Major Kitchen 'Remodel
$12,578	$9,361	74.4%	Siding Replacement
$13,406	$11,002	82.1%	Siding Replacement (fiber-cement)
$14,306	$10,525	73.6%	Vinyl Window Replacement
$18,175	$12,565	69.1%	Wood Window Replacement
* Wichita	Des Moines	St. Louis	Minneapolis

National		Midrange Projects

Job Cost	Resale Value	Cost Recouped

$59,435	$44,661	75.1%	Basement Remodel
$37,202	$24,553	66.0%	Bathroom Addition
$15,789	$12,366	78.3%	Bathroom Remodel
$10,347	$8,835	85.4%	Wood Deck
$27,193	$15,498	57.0%	Home Office Remodel
$55,503	$43,363	78.1%	Major Kitchen Remodel
$21,185	$17,576	83.0%	Minor Kitchen Remodel
$9,910	$8,245	83.2%	Siding Replacement
$10,448	$8,290	79.3%	Vinyl Window Replacement
$11,384	$9,241	81.2%	Wood Window Replacement

		Upscale Project

$73,145	$50,442	69.0%	Bathroom Addition
$50,590	$34,588	68.4%	Bathroom Remodel
$15,039	$11,672	77.6%	Composite Deck
$109,394	$81,096	74.1%	Major Kitchen Remodel
$12,132	$9,688	79.7%	Siding Replacement
$13,212	$11,633	88.1%	Siding Replacement (fiber-cement)
$13,479	$10,913	81.0%	Vinyl Window Replacement
$17,383	$13,784	79.3%	Wood Window Replacement