Remodeling Projects – Added Value or Added Enjoyment?

Every year about this time we get questions from homeowners about the real estate value of a remodeling project they have in mind. Usually the homeowner wants financial justification to do a project that will make life a little bit nicer for their family.  They know Jeff sees lots of homes and has a good handle on what buyers like.

Our advice is to look at the cost vs value figures.  From a quick payback point of view those numbers have been a bit discouraging lately, but if you are looking long term and are making the improvements to add value to your family’s life in addition to the value of your home then that’s a double win and the project is probably a good investment.

Here are some excerpts from Remodeling Magazine’s Cost vs Value Denver market report for 2011-2012 for midrange projects.  Scroll down to find your pet project and the estimated value it will add to your home.

  • Entry Door Replacement (steel) – cost $1,238 – cost recouped $903 – 73%
  • Garage Door Replacement – cost $1,512 – cost recouped $1,087  – 72%
  • Minor Kitchen Remodel – cost $19,588 – cost recouped $14, 120 – 72%
  • Deck Addition (wood) – $10,350 – cost recouped $7,259 – 70%
  • Siding Replacement – cost $11,729 – cost recouped $8,155 – 69.5%
  • Window Replacement – cost $11,319 – cost recouped $7,692 – 68%
  • Basement Remodel – cost R$634,378 – cost recouped $42,338 – 66.8%

If you want further advice on how a remodeling project can help the resale value of your home give Jeff a call at 303-579-1617.  He’ll be glad to help you look at the cost vs value for a future resale while considering the benefit to your family now.

 

 

I am a Boulder County real estate specialist. Over the past three years, I have earned the distinction of being named a 5280 Five Star Realtor. This puts me in the top 7% of all Realtors in the Denver Metro Area for customer satisfaction. If you would like to schedule a buyer or seller meeting with me, please feel free to call me at 303-579-1617 or contact me by email.

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