At the end of last year, Realtor Magazine put together a great report that they have been doing on an annual basis. It's called Remodeling Cost vs Value Report 2007.
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 Southeast. Additions | Job Cost | Resale Value | Cost Recouped | ~~Midrange~~ | | | | Back-up power generator | $12,061 | $8,097 | 61.7% | Bathroom | $33,236 | $22,670 | 68.2% | Deck (wood) | $9,266 | $7,936 | 85.6% | Family room | $70,867 | $51,004 | 72.0% | Garage | $49,183 | $36,790 | 74.8% | Master suite | $88,680 | $64,549 | 72.8% | Sunroom | $65,434 | $42,025 | 64.2% | Two-story | $127,072 | $99,464 | 78.3% | | | | | ~~Upscale~~ | | | | Bathroom | $66,973 | $47,116 | 70.3% | Deck (composite) | $14,232 | $11,201 | 78.7% | Garage | $75,102 | $51,322 | 68.3% | Master Suite | $204,198 | $133,374 | 65.3% | | | | | Remodels | | | | ~~Midrange~~ | | | | Attic bedroom | $41,401 | $32,635 | 78.8% | Basement | $53,519 | $43,279 | 80.9% | Bathroom | $14,445 | $11,388 | 78.8% | Home office | $25,438 | $15,209 | 59.8% | Major kitchen | $52,659 | $41,766 | 79.3% | Minor kitchen | $20,221 | $16,727 | 82.7% | | | | | ~~Upscale~~ | | | | Bathroom | $46,988 | $32,656 | 69.5% | Major Kitchen | $104,893 | $78,008 | 74.4% | | | | | Replacements | | | | ~~Midrange~~ | | | | Roofing | $15,377 | $11,069 | 72.0% | Siding | $8,990 | $7,651 | 85.1% | Windows (vinyl) | $9,391 | $7,530 | 80.2% | Windows (wood) | $10,242 | $8,226 | 80.3% | | | | | ~~Upscale~~ | | | | Roofing | $28,044 | $19,611 | 69.9% | Siding (fiber-cement) | $11,125 | $9,148 | 89.4% | Siding (foam-backed vinyl) | $12,910 | $11,536 | 82.2% | Windows (vinyl) | $12,084 | $9,791 | 81.0% | Windows (wood) | $15,980 | $12,334 | 77.2% |
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Another interesting point of the article was that there were four primary remodels with the highest percentage of cost being recouped. Those were an upscale siding replacement (88% recouped), adding a wood deck (85% recouped), wood window replacement (81%recouped), and a minor kitchen remodel (83% recouped). The southeast fit right on in with the national averages. Each of the four remodels had over 80% of the money recouped. So if you're thinking about doing a little work before putting your home on the market, these four areas are an excellent starting point! |
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Great bit of info, thanks for sharing!!!