February 19, 2009
Cost vs. Value: Remodeling in a Challenging Market
I’m often asked what the best return on investments are for home remodeling. Given the choice between adding a mid-range garage, doing a major kitchen renovation (mid-range), or converting attic space into an additional bedroom, which is the better choice? Each year the National Association of Realtors publishes a Remodeling Cost vs Value study. The study offers insight into national and regional trends; so whether you live in Chicago, Illinois, Lake Geneva, Wisconsin or Seattle, Washington, there are certain generalities which hold true across the board. Remodeling your kitchen? In the Midwest, you can expect about a 66.5% return on your investment. Changing that unused attic space into a bedroom? Consider that you’ll realize about 64.3% before you make that change. Tired of clearing snow off your car in winter?
That investment has only a 55.9% return…maybe you should at least consider replacing that avocado dishwasher and remodeling the kitchen instead. What about that home office you’ve been dying to have? Well, at a return of less than 45%, perhaps your valuable dollars could be better spent. Keep in mind that the cost recouped for a given project depends upon a variety of factors, not the least of which is how soon you plan to resell your home. It’s also true that exterior replacements such as a new roof, windows, and siding have high return rates. Before you decide to remodel, consult with a reputable remodeler and contact me about recent sales in your neighborhood – from Wind Lake to Williams Bay, I’ll give it to you straight.
Posted By: 
Janis Hartley
Tagged With:
home remodeling,
kitchen renovation
and williams bay
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