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Tips, Suggestions, Advice, and Answers to Meet Your Home Building and Remodeling Needs
 By Tom Powell, Owner Powell Construction |
As published in the...
Cost vs. Value Remodeling Costs
When you remodel your home what do you actually add to its value? Which types of projects bring you the greatest return on your investment?
Remodeling magazine conducts a yearly survey to answer these questions for 60 markets nationwide. According to the 2001 survey, kitchen remodels bring the highest return on investment. In the Portland market a $15,000 kitchen remodel would add $14,400 to the price of your home if you sell your home within a year. This is a 96% return on the cost of the project. Over time, as property values increase, your return increases.
Even if you are not planning on selling your home in the short term it's wise to have an idea of how much a remodeling project will add to your home's value. Kitchens and family room additions bring a much higher return than home offices or siding replacement for instance.
In the western part of the United States the return on a major kitchen remodel is 85%, a family room addition is 82%, an attic bedroom is 82%, a master suite is 81%, a bathroom addition is 72%, a two-story addition is 66%, siding replacement is 64%, and a home office is 54%. For more information on the report go to www.remodelingmagazine.com.
Of course, the value of any remodel depends on the quality of the design and the work. A professional remodeling company can guide you toward a product that will give you maximum value for your investment.
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