SubscribeI happen to be addicted to HGTV. One of the shows showcases renovations of one room by three different families and then a real estate professional and other experts rate the renovations and come up with what they think is the best renovation–in other words, the family that will get the most of their investment back at resale time. In this economy, many people are choosing to stay put in their existing homes, either because financing is difficult or because they don’t want to buy a bigger house during these uncertain times. A great alternative for those that don’t necessarily want to make a move but need to update/upgrade/expand their living space is a renovation of their existing house.
When doing a renovation you should of course do something that you like, that will work for your lifestyle and fits your taste. However, its really important to look at the big picture before making a final decision on what you are going to do. Unless you plan to retire in the house you are renovating, it behooves you to think about resale. And, especially in this day and age, it makes sense to choose where to spend your money wisely.
Below is some fantastic information from Remodeling Magazine that will give you an idea of what percentage of your cost you will recover–and just how much you can expect to spend on the most common renovation jobs. The left side is adjusted for our region and the right is the national average. Note that the top section is mid range renovations and the lower section is upscale/luxury renovations. And never forget, a good contractor is your best friend in any renovation–even if you are handy yourself, it pays to have a professional at least consult on your plan. If you need any referrals, give me a call, and good luck!
| East North Central — Midrange |
2009-10 National Averages
|
| Job Cost | Resale Value | Cost Recouped | Project | Job Cost | Resale Value | Cost Recouped | Change vs. 2008-09 |
|---|---|---|---|---|---|---|---|
| $52,289 | $38,390 | 73.4% | Attic Bedroom | $49,346 | $40,992 | 83.1% |  |
| $15,120 | $7,448 | 49.3% | Backup Power Generator | $14,304 | $8,428 | 58.9% | |
| $65,063 | $39,026 | 60.0% | Basement Remodel | $62,067 | $46,825 | 75.4% | |
| $41,195 | $20,672 | 50.2% | Bathroom Addition | $39,046 | $23,233 | 59.5% |  |
| $16,740 | $10,141 | 60.6% | Bathroom Remodel | $16,142 | $11,454 | 71.0% | |
| $15,619 | $9,686 | 62.0% | Deck Addition (composite) | $15,373 | $10,904 | 70.9% | |
| $10,675 | $7,669 | 71.8% | Deck Addition (wood) | $10,634 | $8,573 | 80.6% | |
| $3,593 | $1,932 | 53.8% | Entry Door Replacement (fiberglass) | $3,490 | $2,275 | 65.2% |  |
| $1,228 | $1,106 | 90.1% | Entry Door Replacement (steel) | $1,172 | $1,470 | 128.9% | |
| $87,558 | $49,045 | 56.0% | Family Room Addition | $82,756 | $54,051 | 65.3% | |
| $61,696 | $31,212 | 50.6% | Garage Addition | $58,432 | $36,361 | 62.2% | |
| $29,224 | $12,209 | 41.8% | Home Office Remodel | $28,375 | $13,648 | 48.1% | |
| $58,829 | $36,533 | 62.1% | Major Kitchen Remodel | $57,215 | $41,260 | 72.1% | |
| $109,483 | $61,846 | 56.5% | Master Suite Addition | $103,696 | $67,578 | 65.2% | |
| $21,899 | $15,194 | 69.4% | Minor Kitchen Remodel | $21,411 | $16,773 | 78.3% | |
| $21,317 | $11,720 | 55.0% | Roofing Replacement | $19,731 | $13,133 | 66.6% | |
| $10,879 | $7,992 | 73.5% | Siding Replacement (vinyl) | $10,607 | $8,476 | 79.9% | |
| $75,525 | $32,785 | 43.4% | Sunroom Addition | $73,167 | $37,118 | 50.7% | |
| $163,286 | $93,548 | 57.3% | Two-Story Addition | $156,309 | $107,286 | 68.6% | |
| $11,242 | $7,734 | 68.8% | Window Replacement (vinyl) | $10,728 | $8,217 | 76.6% | |
| $12,268 | $8,788 | 71.6% | Window Replacement (wood) | $11,700 | $9,044 | 77.3% | |
| East North Central — Upscale |
2009-10 National Averages
|
| Job Cost | Resale Value | Cost Recouped | Project | Job Cost | Resale Value | Cost Recouped | Change vs. 2008-09 |
|---|---|---|---|---|---|---|---|
| $79,224 | $39,377 | 49.7% | Bathroom Addition | $75,812 | $43,888 | 57.9% | |
| $54,143 | $28,618 | 52.9% | Bathroom Remodel | $52,295 | $32,196 | 61.6% | |
| $38,280 | $19,959 | 52.1% | Deck Addition (composite) | $37,745 | $22,934 | 60.8% | |
| $91,579 | $41,822 | 45.7% | Garage Addition | $87,230 | $48,762 | 55.9% | |
| $7,747 | $4,612 | 59.5% | Grand Entrance (fiberglass) | $7,464 | $5,135 | 68.8% | |
| $113,903 | $62,947 | 55.3% | Major Kitchen Remodel | $111,794 | $70,641 | 63.2% | |
| $234,715 | $110,271 | 47.0% | Master Suite Addition | $225,995 | $125,793 | 55.7% | |
| $40,632 | $20,738 | 51.0% | Roofing Replacement | $37,359 | $22,610 | 60.5% | |
| $13,459 | $10,093 | 75.0% | Siding Replacement (fiber-cement) | $13,287 | $11,112 | 83.6% | |
| $13,276 | $9,445 | 71.1% | Siding Replacement (foam-backed vinyl) | $13,022 | $10,285 | 79.0% | |
| $14,535 | $10,185 | 70.1% | Window Replacement (vinyl) | $13,862 | $10,601 | 76.5% | |
| $18,470 | $11,739 | 63.6% | Window Replacement (wood) | $17,816 | $12,738 | 71.5% | |