Home : Blogs : Gary Smith : Michigan Waterfront Living

2007 Cost vs Value Home Remodeling Report Now Available (updated 12/5/2007)

Attention home sellers, buyers, and wannabe home sellers! The 2007 Cost vs Value Survey results are now available from Remodeling Magazine Online and Realtor Magazine. Why is this important to you? For over 20 years Remodeling Magazine has surveyed professionals to see what home remodeling and home improvements warranted completion prior to selling.

In the East North Central area (Illinois, Indiana, Michigan, Ohio, and Wisconsin) Remodeling Magazine Online surveyed NAR members with a series of questions pertaining to the cost of a remodeling bathrooms, kitchens, and basements. They also requested information about additions, backup power, and replacement of items such as roofs, siding, and windows. Professionals were asked not only the estimated costs of these items, but also their professional opinion of the cost recouped by homeowners when the property was sold.

Surprisingly, costs recouped ranged from 46.9 percent to only 82.4 percent for the East North Central area. For interior remodeling, kitchens still remained the top returner with an average of slightly more than 70 percent of the cost recouped. Various siding replacement was the highest recouped area coming in at around 80 percent for the East North Central Area. Source "© 2007 Hanley Wood, LLC. Reproduced by permission. Complete city data from the Remodeling 2007 Cost vs. Value Report can be downloaded for free at costvalue.remodelingmagazine.com." updated December 5, 2007

Homeowners and real estate professionals, a complete list of ALL available reports across the Country is available from Remodeling Magazine Online at www.CostvsValue.com There is no cost for your personal copy of each available city. Grand Rapids Michigan area and Detroit Michigan metro areas are highlighted. Downloading requires answering a few questions.

Thinking of selling? I suggest you take a few moments to read the entire article available at www.costvsvalue.com and in the December issue of Realtor Magazine BEFORE making any serious renovation plans! For some items, you may be better off getting estimates and offering a concession at closing to home buyers. Why should you spend $10,000 or more on an update to only recoup $6,500 ?

This information is available as a customer service to homeowners and home-buyers of southeastern Michigan. Need more information about this or any other topic feel free to ask. I will include references from 3rd parties for all answers. Simply click on my photo for more information.

Not happy where you live? How can we help?

Simply choose from the services available below. We provide choices, convenience, and confidentiality to our clients and customers. Your information will not be transmitted or transferred without your express permission.

Federally Qualified Housing Counselors assistance. Most require a fee. Email to request a list of choices.

Short Sale Specialists in house and third party. You may qualify to sell your home by short sale. We provide choices.

Search Southeastern Michigan Properties through the Internet Data eXchange (IDX) Homes in MLS

Search Michigan Homes
no sign in search for homes

While You Sleep Emailed daily Home Search for southeastern Michigan requires valid email address.

What's Your Home Worth in Today's Market? Online Home Evaluation by email in Southeastern Michigan

Have a Question? Click email me below photo. We will try to provide some answers.

Have a Michigan Story? Email us, we may spread the word.

Join Us?
Thinking of becoming or changing companies?

Have an interesting Michigan topic! We operate under the "None of Us is as Smart as ALL of US" premise. Tell us your Michigan: environment, housing, lake or water associated story, we might assist you by sharing with other Real Estate Professionals.

Click email me on the right hand column and tell us your Michigan Story.
The Michigan Group Realtors® Livingston County Michigan. Servicing Genesee, Livingston, Oakland, Washtenaw, and surrounding areas.

Real Simple Syndication (RSS) feed http://activerain.com/blogs/smith3gary/rss

Subscribe in a reader

Posted by Gary Smith on 12/03/2007 02:05 PM

Comments (15)

2007 cost vs value report, remodeling, michigan, oakland county, southeastern michigan

This post has been included in Michigan Information
Post is included in group: Michigan Realtors
Post is included in group: Michigan Real Estate
Post is included in group: Leading Real Estate Companies of the World®
Post is included in group: Platinum Realtors(R) Sell

15 Comments on 2007 Cost vs Value Home Remodeling Report Now Available (updated 12/5/2007)

DEC

2007

What is funny about seeing this post is I had just posted about this a day or so ago. I have been looking for a house myself, but have been coming across a few places that fall into this type of predicament. Cost vs. Value is something that I had to deal with and make educated decisions on whether or not to move forward on a home, but this is a valuable lesson for home buyers, especially those looking at foreclosures, because these tend to need some work. Great post.

DEC

2007

Rick: Glad to see you're doing research and determining all the facts before making a move on any real estate transaction.

DEC

2007

Post updated 12/5/2007 to include required source and Michigan Selected Cities in report.

Gary - good post and links. I will go there and download it.

For some items, you may be better off getting estimates and offering a concession at closing to home buyers. Why should you spend $10,000 or more on an update to only recoup $6,500. I agree with you. Also, I think some home buyers may want to remodel the kitchen, basement, baths to their own liking. I work with remodel loans that help the new homeowner roll this into their mortgage and pay the contractors out of an escrow account. This can be used with owner occupied properties as well as investors. It's a good program for someone moving into a home that may be in the perfect neighborhood but in need of updating. Again, thanks for the quality post and the good links!

Mary "I work with remodel loans that help the new homeowner roll this into their mortgage and pay the contractors out of an escrow account. This can be used with owner occupied properties as well as investors." That's why you're on my profile page!

Thanks Gary!

DEC

2007

thank for your sharing

Just dropping by and share the good news to the owner of this cool site.

Do you want to know something more? visit my real estate's blog http://realsblog.com

Kenny, I hope this information helps

JAN

2008

Right now what has been the best advice to give those looking to buy a home is to find one with minimal work. The less you have to put in up front the better the return will be.

The flip side to this is if you are looking to buy an investment property which is probably going to need some work.

Rick, Good advice for buyers. Think of all those home sellers insisting the $35,000 basement remodel 6 years ago is still worth 35,000. These reports give a ballpark number of the value buyers are willing to assign. (plus or minus the quality of work)

Gary, Another great post! As a Home Stager, it is critical to ensure every dollar spend on a recommendation returns more than the cost. Thanks for the links.

JAN

2008

Bradley, In my immediate area none of the improvements net more in return. Buyers are simply too smart to pay extra. I recommend safety and cosmetic improvements to customers, and require a home stager for some.

JAN

2008

Hi Gary, Thanks for directing me to your post and the link on line. I have credited your assistance on My Grand Rapids Real Estate Musings Blog. Appreciate it.

JAN

2008

Lola, Thank you... a little late Friday night blogging???

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?