Last year I sent out a newsletter that included the 2008 cost vx. return for several remodel projects. I had a lot of feedback and interest in the information, and I helped several clients decide upon remodel jobs with eventual resale in mind.
2009 finds us in a very remodel-friendly mood, with many homeowners opting to stay put in their homes because of negative equity positions. I am happy to visit with clients to share what I know about returns of remodeling dollars and to provide the statistics provided by the National Association of Realtors.
Below is a small sampling of returns in the northwest area (Alaska, California, Hawaii, Washington and Oregon):
Adding an attic bedroom Cost: $60,135 Resale value: $52,749 Cost recoup: 87.7%
Adding wood deck Cost: $12,838 Resale value: $11,744 Cost recoup: 91.5%
Replace front door w/midrange steel door Cost: $1,353 Resale value: $1,732 Cost recoup: 128%
And the lowest listed return:
Adding a sunroom Cost: $83,463 Resale value: $45,245 Cost recoup: 54.2%
Interested in learning more? Just let me know.....
Photo borrowed from Rob Aubrey of Three Pounds of Real Estate