Remodeling Cost-Value Analysis: Something Every Homeowner Should Consider
If you’re thinking about remodeling your home, you’ve got a big decision to make. Home renovations require a fair amount of planning and financial preparation. Here at RemodelWerks we understand that and encourage our clients to take a focused look at the types of home renovations that will work best for their families and for their financial portfolio. For starters, think: What’s the likely return on investment during resale?
Fortunately, we know that many of the home remodeling projects our clients have contracted with us to perform reap substantial rewards both in terms of how our clients, their families and their friends enjoy their homes but also in their return on investments. From kitchen remodels, master bath upgrades, attic finishing and basement remodels, many of the types of remodeling projects we undertake for our clients are high earners in the bang for your buck department!
According to Remodeling Magazine’s “2013 Cost Value Report,” which provides data on job costs, resale value, cost recouped and changes from the 2011-2012 remodeling season, here in the Northeast “midrange” and “upscale” remodeling project cost recoupments were up over 2011-2012. For example, for a midrange remodel, many smaller remodeling projects, such as installing a new entry door, window replacement and siding replacement yielded around 73 to 85 percent return on investment, which was just about on par with the national averages for these items. For renovations like minor and major kitchen renovations and master suite additions, mid-range properties here in New England have translated into about a 60 to 75 percent return on investment.
It’s statistics like these that can help homeowners make educated decisions about where to spend hard-earned funds on home renovations. Don’t have a ton of cash to spend on sprucing up your home ahead of winter? Be sure to read last week’s blog post: 5 Relatively Small Changes for Big Impact to Your Home’s Exterior.
And, please don’t hesitate to contact us with your remodeling questions. Contact us today for your free, no obligation consultation.
RemodelWerks is the premier custom design/build firm of Central Massachusetts offering a wide array of exterior home remodeling services, including roofing, siding, doors, decks and windows.Our team is also available for custom home building projects as well as extensive interior remodeling projects, such as kitchen renovations, bathroom remodels, basement and attic finishing, and more.
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