Whether you’re considering a whole home remodel or just looking to update your bathroom, you should know what the, ROI- that is Return on investment is. In other words who wants to invest in home improvements that aren’t even worth the amount spent to complete them. This happens too often as home owners generally don’t take into account the “what if factor”. If I sell my home would a potential buyer see this remodel the same way I do or would they value it the same as me?
Is that bathroom remodel worth it? Should I spend all that money to improve my home office? What about the kitchen, should I do a major remodel or minor remodel?
Well the numbers are in…
In a recent study conducted by “Remodeling Magazine and Realtor Magazine” in their Cost vs Value Report for 2010-2011, they showed us the numbers of what people spent compared to how much it actually increased the value of their homes. Houses that have the ability to catch our eye, for positive reasons of course, seem to have the highest values. In other words curb appeal is very important. For Instance the most of the highest Roi’s for improvements were all on the homes exterior, with entrance door replacement coming in at no. 1. Entrance door replacements recouped around 97.2% of their cost locally and 102.1% nationally. There was also high Roi’s found for siding replacements, window replacements and deck additions. This can be partly attributed to all the Federal tax credits given for energy efficient upgrades this past year.
Among Interior renovations the highest costs recouped were found to be attic bedroom additions and minor kitchen remodels. Actually the numbers show that the minor kitchen remodel recouped better then the major kitchen remodel. Minor kitchens recouped an average of 68.3% while major kitchen remodels recouped only 62.9%, which is the real demonstration of cost vs value. Next on the list was bathroom remodels which measured at 61%. Also there were high numbers found for additions, master suite additions and garage additions. Understanding these dynamics gives Albright an edge to the competition and helps us to guide our clients to the remodel which will serve them best, both in terms of value and cost.
Contact us to discuss which of your projects will give you the best return for your investment. 201-444-9111 or albrightllc.com
To see the report click here…Cost vs. Value Report 2010-2011