Which Improvements Add Value to Your Home?
What follows are "best estimates" for the most typically consistent
remodeling projects we have seen across the country. Unless otherwise noted, the
maximum time between remodeling and re-sale must be five years; otherwise the
"value added" figures are void. |
| Project |
Cost |
Value Added |
Comments |
| Kitchen |
Low: $15,000, High: $20,000-up |
80 to 110% |
Cost includes new cabinets and countertops, appliances,
flooring, and re-wiring structural changes, relocated plumbing, custom
cabinetry, and top-of-the-line appliances raise the cost. |
| Bathroom |
Low: $7,500, High: $10,000 |
80 to 115% |
Cost includes new fixtures and fittings, tile floors and
walls, structural changes, relocated plumbing, and high-end materials and
fixtures raise the cost. Note: adding a second bath can yield more than
100% resale value. |
| Room Addition |
Low: $30,000, High: $30,000 |
50 to 110% |
Depends on type of room, a family room or new master
suite, (don't forget to include cost of bath) will add much more value to
a home than a private office or fourth flour bedroom. |
| Converting an Attic basement or Garage to living space |
Low: $10,000, High: $15,000-up |
25 to 40% |
Cost assumes no structural changes and no new plumbing;
value added depends on size of house (smaller house, more value) and type
of space created (family room or bedroom, more value than a game room or
exercise area). |
| Adding a deck |
Low: $5,000, High: $10,000-up |
40 to 60% |
The warmer the climate, the more value added; size of
deck, complexity of design, and added amenities (spa, trellis work)
influence cost. |
| Repainted exterior |
Low: $1,200, High: $1,500-up |
up to 120% |
Assumes old exterior was worn and re-painting was done
immediately prior to putting house on market; a new coat of paint probably
adds the "best profit" to selling an older home. |
| In-ground swimming pool |
Low: $20,000, High: $30,000-up |
0 to 25% |
Cost assumes an average-size pool (16'x32') in a
rectangular shape; value added depends on desirability to future owner
(banks usually do not include pools in mortgage
appraisals. |
Source: House Remodeling Magazine |
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