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 the various metro areas. 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 in Chicago, roofing replacement for a mid-range home, costs an average of $17,302. The report indicates you’d recoup 66.9% of that expense, or $11,574, when selling the house. Remodeling the bathroom in an upscale home runs an average of $47,786 and is worth $28,910, or 60.5% of the investment. By reviewing the report, you can get an idea of which types of projects will be more cost effective. Some of the more cost effective projects include replacing windows, vinyl or wood on midrange or upscale homes with an average 75% return on the cost of the project. Conversely, a new home office in a mid-range home, or a master suite addition in an upscale home, generally returns less than 55% 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 specific area reports 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.