Are you ready to improve your home with a remodeling project that you can’t wait to get started?
Maybe you are ready to finally redo that bathroom or kitchen. Or, maybe you’re finally ready to add on that master bedroom ensuite you’ve been dreaming about.
One of the questions I get asked most often by my past clients and current homeowners is, “If I do X, will I get my money back when I sell? How do I avoid over-improving my home?”
If you’re thinking about doing work on your home then “Remodeling 2022 Cost vs. Value Report” (www.costvsvalue.com) is a resource you don’t want to skip. It lists the average cost of 22 remodeling projects plus their average “resale value” and “cost recouped” for each one.
What I also love about this report, which comes out annually, is that it also provides the average cost of doing a specific project based on your location. So you can compare your bids from contractors to the average according to this report.
Keep in mind the information in this report is just the first step in determining the resale value of any remodeling project. Whenever you plan on improving or remodeling your home, don’t forget that I am a resource too!
I can help guide you on what project or projects have the best return on investment in your neighborhood and for your particular home when it comes time to sell.
“Cost vs Value” Examined
The “Cost vs Value Report” not only gives the national averages for each of the 22 projects, it also provides the average job cost, resale value, and cost recouped for specific regions, including the Metro Detroit area. You can even zero in on a particular city and zip code since the report provides data on 150 markets in the United States.
The information can be helpful to see if it’s worth spending more in order to recoup more for certain projects — such as siding replacement with fiber-cement material compared to vinyl material. Or, an upscale versus a mid-range cost recoup for a major kitchen remodel.
Other remodeling projects showing cost vs value included in the report are deck additions, roofing replacements, bathroom remodels, bathroom additions, window replacements, master suite additions, using manufactured stone veneer, and installing a grand entrance door.
For example, a smaller project, like replacing a garage door, shows you could recoup 90.1% of the $3,896 average job cost when you sell. It sounds like a worthy project
And if you’re thinking of something bigger in scale, such as replacing windows, you can expect to recoup 64% of the $22,987 cost of wood windows compared to 61.5% for the $19,276 cost for vinyl windows. You can decide which one is best for your budget and your home!
Visit the link www.costvsvalue.com for details on the 22 projects. It’s easy to use — step 1 is the national data, step 2 pick your region for that data, and to go further to step 3 for data on a particular city and step 4 for your particular zip code, you’ll need to register with the site.
What the Numbers Mean
It’s important to take into account that this report provides a great snapshot of the national housing market and what you can expect overall with remodeling projects.
However, when you get closer to the city and zip code numbers in this report, consider them more “guesstimates” — which can still be helpful. That’s because there are many factors that can impact your individual project’s costs and its actual cost recovered.
Your return on investment or resale value on your particular project can depend on what materials you choose, the size and scope of your project, the condition of your home and its location, how the remodel is perceived by potential buyers, the current real estate market when you sell, and other cost factors such as supply-chain issues for materials and demand for skilled labor.
How I Can Help
The “Cost vs Value Report” provides an excellent and informative overview of remodeling projects, especially at the national and regional level and for comparing different U.S. markets.
But remember you also can reach out to me at any time as a homeowner with questions or concerns, not only when it comes time to buy or sell a home. I can be a resource for you on many things — like remodeling projects — when it comes to real estate and your home!
Contact me if you plan to remodel and we can go over project costs and resale value at the local level and for your own particular home.
I understand the pros and cons of certain remodeling projects in our local market and know which ones are worth doing, what to expect cost-wise for the project you are thinking about, and which projects will bring you the most bang for your buck when it comes time to sell your home.
I'm Beth Little and I love helping first time home buyers make their first home more affordable and I love helping sellers looking to move up to their forever home. Let me know how I can help you make your real estate dreams come true.
116 W Main Street
Northville, MI 48167
Buy & Sell
schedule your free consultation