Adding Value to Your HomeWhich improvements add value to your home? Below details the average cost of improvements for our area as well as the average added value as long as the time between remodeling and re-sale is 5 years or less.
KITCHEN: (Cost $15,000 – $20,000+) Value Added: 80-110%
Cost includes new cabinets and countertops and re-wiring; structural changes, relocated plumbing, flooring and appliances.
BATH: (Cost $7,500 – $10,000+) Value Added: 80-110%
Cost includes new fixtures, fittings, tile, flooring and paint; structural changes and relocated plumbing. Adding a second bath can yield more than 100% resale value.
ROOM ADDITIONS: (Cost $30,000 – $40,000+) Value Added: 50-90%
Value added depends on the type of room. A family room or new master suite will add much more value to a home than a private office or fourth bedroom.
CONVERTED ATTIC/GARRAGE: (Cost $10,000 – $15,000+) Value Added: 25-40%
Cost assumes no structural changes and no new plumbing; value added depends on size of house and type of space created
DECK OR PORCH: (Cost $5,000 – $10,000+) Value Added: 40-60%
The warmer the climate, the more value is added; size of deck, complexity of design and added amenities (spa, trellis work) influence cost and value added.
REPAINTED EXTERIOR: (Cost $1,200- $2,000+) Value Added: 40-60%
Assumes old exterior was worn and repainting was done immediately prior to putting house on market. A new coat of paint adds the ‘best profit’ to selling an older home.
IN-GROUND POOL: (Cost $20,000 – $50,000+) Value Added: 20-40%
Cost assumes an average-size pool (16′x32′) in a rectangular shape; value added depends on desirability to future owner. Banks usually do NOT include pools in mortgage appraisals.
REMEMBER: The value of your property is ultimately determined by what a buyer is willing to pay and a seller is willing to accept in today’s market. Buyers make their pricing decision based on comparing your property to other properties SOLD in your area.