Are You Getting Bang for the Buck on Your Home Remodeling?
January 26th, 2010 Categories: Alexandria, Design
Last week we talked about getting bank for the buck on your home addition. Today we are going to look at the numbers and see if you are getting bang for the buck on your home remodeling.
Our numbers are taken from this month’s issue of Remodeling Magazine and their annual “Cost vs. Value” report
The cost data are generated by gathering current cost information from a nation wide network of remodeling contractors and suppliers. The model then uses an adjustment factor for regional price differences.
Alexandria and Northern Virginia are part of what is known as the “South Atlantic” which also includes Washington, D.C., Delaware, Florida, Georgia, Maryland, North Carolina, South Carolina, and West Virginia.
The rooms here are what most homeowners tackle in a remodel - the bathroom, kitchen and basement. I’m not sure remodeling a home office would be at the top of my list but interpret it as remodeling a room to create a home office.
Two figures here point to the value of restraint. Upgrading bathrooms and kitchens is still a smart move, particularly in older homes. But, according to this report, home owners will recoup the greatest share of costs by opting for mid-range bath and kitchen remodels rather than an over the top project.
A mid-range kitchen remodel will generate an average on 73.2 percent return on investment while an up-scale remodel returned only 63.2 percent. A mid-range bathroom remodel returned an of average 71 percent while the up-scale project is nearly 10 points lower at 61.6 percent.
So whether you are starting to think about remodeling or are buying with the idea of remodeling, take a look at these figures before you commit to anything and make sure you are getting bank for the buck on your home remodeling.
Call me at 703.927.4554 for more information.
Michael
Related story: Are You Getting Bang for the Buck on Your Home Addition?
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