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Which Home Remodels Pay Off?
By JLP | September 14, 2006
My friend Tonya Harp is a real estate agent in the Arlington, Texas area. She sent me some interesting information about which home remodels pay off. Here’s a breakdown of their numbers:
|
Remodeling |
Average |
% of Cost |
Dollar Amount |
|
Attic Bedroom |
$35,100 |
77 - 157% |
$27,027 - $55,107 |
|
Master Suite |
$70,500 |
71 - 131% |
$50,055 - $92,355 |
|
Family Room Addition |
$53,200 |
74 - 137% |
$39,368 - $72,884 |
|
Minor Kitchen Remodel |
$16,900 |
100 - 111% |
$16,900 - $18,759 |
|
Major Kitchen Remodel |
$41,500 |
97 - 108% |
$40,255 - $44,820 |
|
Bathroom Addition |
$16,200 |
82 - 89% |
$13,284 - $14,418 |
|
Two-Story Addition |
$75,000 |
81 - 87% |
$60,750 - $65,250 |
|
Home Office |
$11,500 |
67 - 81% |
$7,705 - $9,315 |
|
Bathroom Remodel |
$10,000 |
61 - 79% |
$6,100 - $7,900 |
|
Basement Finishing |
$44,500 |
54 - 64% |
$25,365 - $28,480 |
The printout (sorry, there’s no web link) has the following small print under their table:
Figures represent the cities of San Diego and Philadelphia. Nationally, minor kitchen remodels returned highest percentage; home offices least. Numberous variables affect return: region and city; activity in real estate market, quality and age of the remodel, etc. View complete charts at www.Remodeling.hw.net.
I understand that San Diego and Philadelphia doesn’t exactly make a representative sample. However, it can at least give a place to start from. Oh, and just because a particular remodel won’t recoup all of your costs, does not necessarily make it a bad thing. If you plan on staying in your house for a long time and can afford to do the project, go for it. It’s nice to be able to enjoy the house you live in.
Finally, just to help get the word out about my friend Tonya, if you are looking to buy or sell a home in the Arlington, TX area, give Tonya a call.
Topics: Housing Market |