Home values in the United States have suffered over the last few years. The result has been homeowners forced to resort to short sale or even in some cases foreclosure. The large number of unsold homes on the market has caused the problem to grow further. So why would it make sense to take hard earned money and put it to use in a declining asset. If you are close to selling your home in the very near future then it would not make sense to invest in a costly remodeling project. In this case you should look at other alternatives in preparing and repairing your house for sale. Now if you are planning to remain in your home for a longer time period, then remodeling can be good for you and your family. Then you can and should know the facts about remodeling projects and what you can expect to see as a return on your investment. See Realty Gainesville for home remodeling and home buying tips.
Home Remodeling Surveys
The following information is taken from a survey conducted by Home Tech Information Systems at www.hometechonline.com. The company compiles cost data taken from suppliers and contactors who work in remodeling. {This information is then adjusted by regional factors. The Regional areas are broken down into New England, Middle Atlantic, South Atlantic, East and West North Central, East and West South Central, Mountain and Pacific.} Project cost and saving comparison for the National Averages are displayed. Realtors have provided the support for the resale estimate data information. The added house value from the remodeling was supported by surveys submitted to appraisers, real estate agents and brokers. The resale value estimates do not take into consideration the time sale factor of the house but what the improvements would return under normal sale circumstances. The surveys have a 95% confidence level of accuracy.
Remodeling Projects- National Average of Homes
According to surveys from remodelers and appraisers, cost restraint is very important when considering home remodeling. If you don’t want to end up with large difference between cash invested in your home and the amount you can request upon selling, you should carefully evaluate the remodeling projects that will give higher returns on your cost investment. It is fairly certain that adding living space to your home will attract more buyers. So is adding items as a mid-range entry door for your home. If you are looking for a simple improvement that returns up to 80% of your cost then consider wood decking. The costs projected here are based on mid range type improvements and will vary depending on materials you choose and the size of your house and rooms. This article is intended as a general guide to assist you with deciding what improvements could return the highest costs.
Here is a partial list of remodeling projects and how they will possibly be of value to you for your home investment:
Improvement Type National Average
Job Cost Resale Value
- Bathroom Addition $39,046 $23,233
- Wood Deck $10,634 $ 8,573
- Sun Room Addition $73,167 $37,118
- Garage Addition $58,432 $36,361
- Bathroom Remodel $16,142 $11,454
- Major Kitchen Remodel $57,215 $41,260
- Minor Kitchen Remodel $21,411 $16,773
- Roof Replacement $19,731 $13,133
- Vinyl Siding $10,607 $8,476
- Entry Door Steel Gauge $1,172 $1,470
- Replace Vinyl Windows $10,728 $8,217
- Roof Replacement $19,731 $13,133
- Vinyl Siding $10,607 $8,476
- Entry Door Steel Gauge $1,172 $1,470
- Replace Vinyl Windows $10,728 $8,217
As always you should get at least three quotes and references from contractors when you are contemplating any addition or remodeling projects for your home. Determine if any complaints have been filed with local and state regulatory agencies about the contractor. If there is a consistent list of complaints then you should run don’t walk away. Nothing will be more costly that hiring the wrong contractor to do your project. Perform your due diligence and don’t cut corners on this step. For additlonal information view Gainesville Fl Homes for details.
