Return on investment for that summer renovation project
Home renovations seem to be a fact of life throughout the summer. Homeowners are frequently faced with updating the kitchen, bathroom or finishing the basement, among many other things. Often it is hard to know just what projects will give the highest rate of return. The National Association of REALTORS conducted an 8 week survey between June and August of 2010 to see on average what projects produced the best rate of return for home owners. Here are a few of their findings:
|
Job Surveyed
|
Job Cost
|
Resale Value
|
Cost Recouped
|
|
Entry Door Replacement (steel)
|
1,218
|
1,243
|
102.1%
|
|
Minor Kitchen Remodel
|
21,695
|
15,790
|
72.8%
|
|
Basement Remodel
|
64,519
|
45,186
|
70.0%
|
|
Bathroom Remodel
|
16,634
|
10,337
|
66.2%
|
|
Deck Addition
|
15,620
|
10,337
|
66.2%
|
|
Home Office Remodel
|
28,888
|
13,235
|
45.8%
|
To see the full list of jobs that were surveyed follow this link or for more real estate information visit ChrisSalmans.com.
Posted by Chris Salmans
on April 25, 2011