Brevard North Carolina Real Estate Blog: Cost vs Value - Getting the biggest bang for your remodeling dollars

Cost vs Value - Getting the biggest bang for your remodeling dollars

remodelingEvery year the folks at Remodeling Magazine look at 35 remodeling projects to determine their value when it comes time to sell the home. The Cost vs Value study covers 80 cities in nine regions of the country.

Because of some "ties" the top ten places were occupied by nine exterior replacement projects and four additions, or non-replacement projects. The top two exterior projects were a front door replacement and a garage door replacement. Also included in the top projects were deck additions, minor kitchen remodeling, and attic or basement remodels.

North Carolina falls into the South Atlantic region, along with Washington, DC, Delaware, Florida, Georgia, Maryland, Virginia, and West Virginia.

The study describes the 35 projects as either Additions, Remodel, or Replacement and then breaks the cost of the various projects down by mid-range and upscale. In our region, in the midrange cost group, the Additions project that garnered the greatest value was the addition of a wooden deck. According to the study, the average cost was $9,916 and the resale value was $7,670 or 77.3%.  Taking an attic and converting it to a bedroom not only adds living space, the study says you will recoup 74.4% of the cost. Upscale projects actually varied little in how much of the cost was recouped. For instance, the addition of a composite deck garnered the highest return at 59%. The addition of a garage came in second at 56%. The greatest return is the replacement of a steel front door where the value was 135.5%.

If you are considering a remodeling project, visit Remodeling Magazine and get the scoop on which projects are likely to make your home more attractive to buyers, and will also get the greatest return on your money.

 

 

 

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Comment balloon 0 commentsCarol Clay • January 03 2011 08:18PM

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