Informed Consumers Know the Added Value of Remodeling & Weigh Cost Versus Investment
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.
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.
Remodeling can give your kitchen a fresh, updated look. It can give your family the space it needs, or it can make an ordinary bath 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 software company in Bethesda, Maryland. The percentages were reported in 2005 Remodeling Magazine.
Please use this information as a general starting point when considering your proposed remodeling project and potential increases in your property value. The Tim Englert Construction team will also be available to discuss your projected costs and potential returns on your remodeling investment.
Return On Investment
(by project type)
Bathroom Addition
|
Mid-Range
Project Cost:
$51,100
Resale Value:
$22,857
Cost Recouped:
44.7%
Bathroom Addition
|
Upscale
Project Cost:
$93,332
Resale Value:
$42,143
Cost Recouped:
45.2%
Bath Remodel
|
Mid-Range
Project Cost:
$22.084
Resale Value:
$13,833
Cost Recouped:
62.6%
Bath Remodel
|
Upscale
Project Cost:
$68,637
Resale Value:
$35,000
Cost Recouped:
51.0%
Bath Remodel
|
Universal Design
Project Cost:
$35,418
Resale Value:
$20,000
Cost Recouped:
56.5%
Minor Kitchen Remodel
|
Mid-Range
Project Cost:
$24,777
Resale Value:
$12,500
Cost Recouped:
50.5%
Major Kitchen Remodel
|
Mid-Range
Project Cost:
$69,295
Resale Value:
$27,500
Cost Recouped:
39.7%
Major Kitchen Remodel
|
Upscale
Project Cost:
$137,491
Resale Value:
$61,250
Cost Recouped:
44.5%
Master Suite Addition
|
Mid-Range
Project Cost:
$139,660
Resale Value:
$69,000
Cost Recouped:
49.4%
Master Suite Addition
|
Upscale
Project Cost:
$288,601
Resale Value:
$116,000
Cost Recouped:
40.2%
Deck Addition
|
Composite
Project Cost:
$20,141
Resale Value:
$11,817
Cost Recouped:
58.7%
Deck Addition
|
Wood
Project Cost:
$14,559
Resale Value:
$9,800
Cost Recouped:
67.3%
Entry Door Replacement
|
Steel
Project Cost:
$1,950
Resale Value:
$600
Cost Recouped:
30.8%
Grand Entrance
|
Fiberglass
Project Cost:
$9,342
Resale Value:
$3,333
Cost Recouped:
35.7%
Garage Door Replacement
Project Cost:
$3,696
Resale Value:
$3,125
Cost Recouped:
84.6%
Window Replacement
|
Vinyl
Project Cost:
$17,989
Resale Value:
$17,400
Cost Recouped:
96.7%
Window Replacement
|
Wood
Project Cost:
$21,731
Resale Value:
$20,000
Cost Recouped:
92.0%
Siding Replacement
|
Fiber-Cement
Project Cost:
$17,659
Resale Value:
$19,400
Cost Recouped:
109.9%
Siding Replacement
|
Vinyl
Project Cost:
$14,931
Resale Value:
$13,000
Cost Recouped:
87.1%
Manufactured Stone Veneer
Project Cost:
$9,511
Resale Value:
$10,500
Cost Recouped:
110.4%
Roofing Replacement
|
Asphalt Shingles
Project Cost:
$23,555
Resale Value:
$18,000
Cost Recouped:
76.4%
Roofing Replacement
|
Metal
Project Cost:
$39,153
Resale Value:
$32,400
Cost Recouped:
82.8%
As reported in 2020 Remodeling Magazine