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%