If you’re considering remodeling, look into “Remodeling Magazine.”
If you’re considering remodeling your home, there is an excellent resource for you called “Remodeling Magazine.” They compare 20 to 30 types of remodeling projects including kitchens, bathrooms, painting, landscaping, garage door replacements, and more. They provide the median to the high-end price of every project, the resale value, and the cost you’ll recoup. They even have a handy cost-versus-value spreadsheet you can pull up and many articles to read about what you’re interested in renovating.
You may assume that you’ll regain most of your costs for many remodeling projects, but that’s not the case for a majority (if not all) of them. Garage door replacements will get you the most money back when you sell. It’s about $4,100, and “Remodeling Magazine” states that you’ll get between 95% and 98% of that money back. The more expensive the project, the more difficult it is to recoup your money. For example, an upscale master suite addition would cost around $388,000, but the resale value is only about $229,000, meaning you’ll only recoup approximately 54% to 59%.
“The more expensive the project, the more difficult it is to recoup your money.”
If you’re thinking about resale, make sure you don’t overimprove a property; you don’t want to have the nicest home on the block. However, if you think you’ll be living there for a long time, you don’t have to worry so much about the resale value; just enjoy the improvements you make to your home.
If you have any questions about remodeling your house or concerning real estate in general, call or visit my website. I would love to help you.