2009 Remodeling Cost vs Value Report

Every year, Realtor Magazine and Remodeling put together a great report called Remodeling Cost vs Value Report, and the 2009 Report has now been released. As mentioned by the article, despite home price drops in many cities, remodeling projects are holding their own as a way for homeowners to add value.  The percentage of costs recouped by each project decreased on almost every single item, but not enough to not do them to help sell your home. What I really liked about the article is that it broke things down by regions instead of grouping everyone together. We all know that things cost different prices in different areas, so this was a plus. The following chart are the values reported for the South Atlantic. Additions Job Cost Resale Value Cost Recouped ~~Midrange~~       Back-up power generator $13,215 $7,909 59.9% Bathroom $34,876 $21,692 62.2% Deck (wood) $9,505 $7,589 79.8% Family room $73,736 $50,632 68.7% Garage $53,307 $35,132 65.9% Master suite $92,606 $63,314 68.4% Sunroom $68,362 $37,805 55.3% Two-story $140,210 $102,908 73.4%         ~~Upscale~~       Bathroom $69,394 $41,330 59.6% Deck (composite) $35,932 $22,350 62.2% Garage $79,874 $47,137 59.0% Master Suite $209,141 $124,400 59.5%         Remodels       ~~Midrange~~       Attic bedroom $43,540 $39,171 90.0% Basement $55,337 $46,707 84.4% Bathroom $14,784 $10,630 71.9%  Home office $26,794 $12,754 47.6% Major kitchen $53,900 $40,199 74.6% Minor kitchen $20,504 $15,923 77.7%         ~~Upscale~~       Bathroom $48,519 $31,198 64.3% Major Kitchen $107,430 $69,708 64.9%         Replacements       ~~Midrange~~       Roofing $16,775 $12,042 71.8% Siding $9,562 $7,698 80.5% Windows (vinyl) $9,705 $7,417 76.4% Windows (wood) $10,627 $8,332 78.4%         ~~Upscale~~       Roofing $31,707 $21,172 66.8% Siding (fiber-cement) $13,027 $11,242 86.3% Siding (foam-backed vinyl) $11,842 $9,580 80.9% Windows (vinyl) $12,534 $9,660 77.1% Windows (wood) $16,468 $11,969 72.7% On a national scale, there were ten different projects that had the biggest paybacks.  Those were: 1. Replacing Entry door with 20 gauge steel (128.9%) 2. Upscale fiber-cement siding (83.6%) 3. Adding Attic bedroom (83.1%) 4. Midrange wood deck (80.6) 5. Midrange vinyl siding (79.9%)  6. Upscale foam-backed vinyl (79.0%) 7. Midrange minor kitchen remodel (78.3%) 8. Midrange wood window replacement (77.3%) 9. Upscale vinyl window replacement (76.5%) 10. Midrange basement remodel (75.4%) It seems that the biggest return for your money would be on the outside of our home.  Creating a better curb-appeal makes your home more desirable to a buyer.  The only thing that even came close on the inside of the home was doing work to the kitchen and adding more living space. The South Atlantic did even better than the national average. All but two of the ten remodels had a better percentage of money recouped for the South Atlantic. So if you're thinking about doing a little work before putting your home on the market, these areas are an excellent starting point!   ***************************************** We proudly serve and sell real estate in and around all of Charleston, SC.  If you are thinking about purchasing or selling your home in Charleston, Johns Island, James Island, Folly Beach, Kiawah Island, Seabrook Island, West Ashley, Mount Pleasant, Isle of Palms, Sullivans Island, North Charleston, Hanahan, Summerville, Goose Creek or other surrounding areas, and more importantly, want to work with a local area expert, contact us at your earliest convenience.   Jim and Maria Hart Realtors®/ AgentOwned Realty (843) 364-9845 hart@agentowned.com   Copyright © 2009 by Jim and Maria Hart (AgentOwned Realty).