Balancing Remodeling Cost Versus Re-Sale Value
If you're thinking about doing some remodeling, you probably know how much you'll likely need to spend for your project. But, when it comes time to sell, how much of your investment will you get back in the improved value of your home? The folks at Hanley Wood have the information that you want.
They've released the results of a nationwide survey, which includes specific data on Northern New Jersey. The cost versus value report contains specific descriptions of various projects like a roofing replacement or remodeling a bathroom. The report provides an average of how much the job will cost, how much it will be worth in resale value and the percentage of the cost you'll recoup.
For example, roofing replacement for a mid-range home, costs an average of $19,732. The report indicates you'd recoup 56.3% of that expense, or $11,104, when selling the house. Replacing siding with a fiber-cement solution on an upscale home runs an average of $13,793 and is worth $10,105, or 73.6% of the investment. By reviewing the report, you can get an idea of which types of projects will be more cost effective. Replacing windows, vinyl or wood on midrange or upscale homes have an average 64% return on the cost of the project. Conversely, a sun room in a midrange home, or a garage addition in an upscale home, generally returns less than 48% of the cost.
The report itself is copyright 2013 by Hanley Wood, LLC. Complete data from the Remodeling 2013 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. The Northern New Jersey/New York area report can be downloaded as a PDF once you register on this link. You may have other reasons for remodeling, but if you want to be smart about your investment, this report can be very useful. And when it does come time to sell, be sure to let me help you get the most value from your home.
This blog is maintained by Michael of Kim Hughes & Company.