Whether you’re considering a remodel for your own enjoyment while you’re living in your home or a remodel prior to selling your home, how much of that cost will you recoup? Well, it depends not only on what grade (mid range, upscale, etc) of remodel you do, but also where you live and what the project is. A new report from Realtor magazine (Cost vs. Value) analyzes various remodel projects.
Here are a few interesting facts I grabbed from it. This years highest return (90.2%) in the Seattle area came from…siding replacement using fiber/cement siding, compare this with last years return of just 72.8%. So much for that Chef’s kitchen or spa-like master bath. On the other side, the lowest return came from a home office remodel, returning only 48%, up less than 5% from a year ago.
A couple of more high profile remodels, Major Kitchen Remodel (upscale) projects about 68% return in the Seattle area compared to a National average of 57%. A mid range bathroom remodel returns about 69% in the Seattle area compared to the National average of 62%.
Most of the remodel projects in the Seattle area listed (36 total) were at or above the National average in percent of cost recouped. So, you may not recoup all of your cost, you will recoup the majority and if you remodel while you are living in the property, you will also receive the enjoyment of the finished project until you decide to move.