Salt Lake City home values have increased significantly over the last 18 months. So the cost of virtually any home improvement project was recovered when selling the home. But, things are getting back to normal. We're now in a more balanced market and home owners wanting to make improvements to their home should consider the payback from their remodeling costs if they choose to sell.
Realtor Magazine and Remodeling Magazine have combined their efforts to give us an indication of what to expect for payback. The 2006 Cost vs. Value Report covers construction costs and estimated resale values for 25 common remodeling projects in 60 US markets. Salt Lake City is one of the markets in the research. It also separates each project into two categories; midrange and upscale, with costs and estimated resale recovery for both.
Remodeling Costs and Payback Reports
For access to the complete report published in Realtor Magazine click here
For access to the Salt Lake City cost/payback report click here
Top 5 Home Remodeling Projects for Salt Lake City
Here are the top 5 home remodeling projects in the Salt Lake City Market and their estimated paybacks for mid-range quality. If you'd like to know the remaining 20 projects contact us at Ask The Broker. Licensing restrictions with Remodeling Magazine will not allow us to share the complete details here.
| Project Type | Salt Lake City Payback | Mountain Region Payback | National Average Payback |
| Vinyl Siding Replacement | 97.3% | 85% | 83.7% |
| Minor Kitchen Remodel | 95.3% | 87% | 85.2% |
| Two-Story Addition | 91.6% | 88% | 83.2% |
| Major Kitchen Remodel | 95.3% | 81% | 80.4% |
| Window Replacement (Vinyl) | 86.6% | 85% | 83.7% |
Anyone using these reports must understand these estimates are averages as reported by contractors and real estate agents. Your personal results will vary based on your negotiated costs, your unique neighborhood, home layout, quality of work, and of course the abilities of the Realtor you select.
;)
;)
