Lorri Molnar, Realtor

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The Current Value of Your Renovation

April 25, 2014 by Lorri Molnar

Do you know the current value of your renovation? If you are remodeling for your own comfort, it may not matter to you, but if you’re renovating with an eye to increasing the value of your home…it’s worth a closer look to see the newest numbers on what’s hot and what’s not in remodeling! Every year, Remodeling and Realtor® magazines put out a report on the Cost vs. Value of popular home renovations.

couple-painting
So after a grueling winter, it seems like spring may actually arrive this year.

If home improvements are on your to-do list and you can’t decide where to spend your renovation dollars, take a look at the 2014 Cost vs. Value Report for a little guidance.

The annual study, done by Remodeling magazine in cooperation with REALTOR® Magazine, looks at how much of your investment you can expect to recoup on renovation projects when you sell.

Especially if you’re readying your house for sale and you have finite resources, the list could help you pick the most worthwhile projects.
The report breaks down figures on a national and on a regional basis, so be sure to zero in on the data for your region.

Here are some national averages for top projects in two categories.

Top Midrange Projects      

Project Job cost Resale value Costs recouped
Steel entry door replacement $1,162 $1,122 96.6%
Deck addition (wood) $9,539 $8,334 87.4%
Attic bedroom $49,438 $41,656 84.3%
Garage door replacement $1,534 $1,283 83.7%
Minor kitchen remodel $18,856 $15,585 82.7%

Top Upscale Projects

Project Job cost Resale value Costs recouped
Bathroom addition $72,538 $43,936 60.6%
Bathroom remodel $51,374 $32,660 63.6%
Deck addition (composite) $35,158 $22,881 65.1%
Garage addition $82,311 $48,065 58.4%
Garage door replacement $2,791 $2,315 82.9%

Certain projects should be considered with caution if you’re looking to maximize the return on your investment. For example, among midrange projects, the resale value of a $28,000 home office remodel was only $13,697. And the resale value of a $73,546 sunroom addition was $38,011.

See the full report, along with regional breakdowns.

Filed Under: Real Estate Market, Seller Information Tagged With: The Current Value of Your Renovation

Contact Lorri

Keller Williams Capital Partners Realtor
100 E. Wilson Bridge Rd.,
Worthington, OH 43085
Call: 614.496.4012
Contact Lorri
Lorri Molnar realitor MSL
100 E Wilson Bridge Rd, Worthington, OH 43085
Tel: 614.496.4012

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