Love at First Site //
you're reading...
Uncategorized

ROI of Home Remodeling

When trying to justify renovation ideas for our next project, I came across the 2011-2012 Remodeling Cost vs. Value National Report — which compared the average cost for 35 remodeling projects with the value they retain at resale. 

While it was great to see statistics on the most cost-effective improvements (top five pulled out below), I also asked myself a couple of questions:

  • Is the house in need of any “critical” updates?  I suppose if the roof is leaking, and the septic reeks no one will want the house despite its great kitchen.
  • Are the improvements we’re planning to make in-line with other “like” homes?  Do we really need granite counters and inlay cabinets when our competition doesn’t have them?
  • Are there any “curb appeal” issues with the home that can’t be fixed?  If the house isn’t already yours, something things to consider could be the size of the yard and proximity to the street.

_ _ _ _ _ _ _ _

1. Replacing the entry door to steel

  • Estimated cost: $1,200
  • Cost recouped at resale: 73%

2. Attic bedroom (converting unfinished attic space into a bedroom w/ bathroom & shower)

  • Estimated cost: $50,000
  • Cost recouped at resale: 72.5%

3. Minor kitchen remodel (new cabinets / drawers, countertops, hardware & appliances)

  • Estimated cost: $19,000
  • Cost recouped at resale: 72.1%

4. Garage door replacement

  • Estimated cost: $1,500
  • Cost recouped at resale: 71.9%

5. Deck addition (wood, not composite)

  • Estimated cost: $10,500
  • Cost recouped at resale: 70.1%

Charlie driving us around to look for our next house.

 

Advertisements

About LoveAtFirstSite

Some people love dogs, some people love cars, but not me. I love dirt. I'm pretty sure it's not the first thing you think when you see me, but it's true--I really love dirt. Although, I'm picky about where my dirt comes from. Construction sites are perfect, backyards are OK, but the streets of NYC not so much. So now that you know that I love dirt, you may want to know why. I've been on and off construction sites since I was little. And here's a picture to prove it. I recently quit my public relations job in NYC in the pursuit of cleaner dirt. I love home renovations and remodeling, and I've been working closely with my dad who has been in the business for 40 plus years to learn everything I can. I’m also a full-time residential real estate agent in the Greater Fairfield area. I’m dragging my fiancé, Neil, along for the ride too. For those of you who know us, thanks for reading. And for those of you who don’t, welcome to our house flipping, home remodeling, suburbanite lives! Alana Brier | Newtown, CT | 203.304.4235 |

Discussion

2 thoughts on “ROI of Home Remodeling

  1. I suppose that’s the great thing about being older. You know that renovations should have a certain ROI percentage – and really, for most folks that’s very important. But what the heck. Sometimes you need to make your home just the way you want it. I think it depends on your age, occupation and ties to the neighborhood. You make some very good points – the only flaw I saw in your post is that Charlie wasn’t wearing his seat belt. 🙂

    Posted by curt | September 4, 2012, 5:00 pm

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: