Many of our clients ask what the return will be on certain remodeling projects. There is some good information from a Value Report published by the National Association of Realtors. You need to understand what makes a good home investment, whether you are buying, selling or remodeling.
One of the best returns for your money is bathroom and kitchen remodeling projects. “Many homeowners who complete mid-range bathroom remodels can expect to make money; the cost on a national average for this project is $10,499, and the return is $10,727, or 102.2 percent. On average, major mid-range kitchen remodels cost $43,862 and return $39,920 or 91 percent of the costs to remodel”. Master suites don’t fair as well; an approximate return of 80.1 percent of the remodeling expense.” Personally, I'd put the money in the kitchen, that's where most of us spend a great deal of time entertaining anyway!
In the Midwest, however, the same kitchen and basement projects return only 85 and 73 percent, respectively. Midwest buyers appreciate homes with updated siding; mid-range and upscale siding replacements return 96 and 98 percent of the project costs, respectively. Siding replacement projects fared well at resale in all four regions, likely because new siding is a relatively inexpensive way to update and refresh a home's curb appeal.”
In the end, you need to consider your own needs and desires as well as those of the home's future owner. Ultimately, the best reason for a remodel is so that you can enjoy it!
If you wish to read the full report go to www.REALTOR.org/realtormag.
It is absolutely beautiful today & I'm heading out to show “lake property”. Have a great weekend and Enjoy…Life is Good!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
Hayward, WI
715-699-4040
nathan@cheqnet.net
http://www.garynathan.com/
http://www.haywardwaterfront.com/
