Upgrade Costs: Most Valuable to You!
7 Jan2009
Filed Under Selling · Tagged: addition, Home Improvement, kitchen, rennovataion · Print This Article
It’s usually a good idea to consider upgrades to your home. Many people want to know what percentage of an upgrade they will get back when they sell their house.
Remodeling Magazine’s Cost vs. Value report provided numbers for our area for a ton of different projects. I will provide a list below.
There are several other factors besides resale to keep in mind. First of all, you want to keep your home appropriate to the neighborhood. If a lot of homes on your street are upgrading, you may want to consider it. You may also not want to over-upgrade for your area. This could definitely keep you from getting any money back on upgrades.
Maintaining your home is also important. If you hour home needs a new roof, you replace it. You often do these upgrades without thinking of resale, but of simply keeping your home comfortable and livable.
What is most important, and most intangible, in a remodel is your level of enjoyment in your home. While it’s important to keep your home value in mind, don’t do a project simply for resale. You will rarely get 100% of your input back. You should do it for your own comfort or convenience. You live in your house now, you should love your house while you’re living in it.
For example, the report found that a sunroom addition in the Cincinnati area will cost you around $73,000, with a likely 52% resale value. But you wouldn’t do a sunroom addition just for resale — you do it so you can enjoy a relaxing new space in your home.
In general, remodel recoups in our area are a little lower than the national average. All the more reason not to focus solely on resale value when performing a remodel in your home.
Another thing to consider, however, is if performing a certain remodel is going to make the difference between selling and not selling your home. Perhaps upgrading a kitchen or finishing a basement will give your house an edge. As your Realtor, I can give you advice on whether or not these decisions might affect your sale.
Check out this short list of local stats. (These are for midrange remodels.) For the full list, including upscale remodels, or to view national statistics, visit http://www.remodeling.hw.net/2008/costvsvalue/division/east-north-central/city/cincinnati–oh.aspx
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