Which renovations pay back?
Remodling Online magazine puts out a report every year that compares the remodeling cost with resale value for a variety of home renovations. This report is useful if you’re contemplating what to spend your money on. As an example, the report finds that an average major kitchen renovation costs $43,862 US and the resale value is $39,920 US meaning you could expect to recover 91% of the cost when you sell.
The top 10 ranked renovations are:
1. Siding Replacement - Upscale: recover 103.6% at resale
2. Bathroom Remodel - Mid-Range: recover 102.2% at resale
3. Minor Kitchen Remodel - Mid-Range: recover 98.5% at resale
4. Siding Replacement - Mid-Range: recover 95.5% at resale
5. Two-Story Addition - Mid-Range: recover 94.6% at resale
6. Attic Bedroom - Mid-Range: recover 93.5% at resale
7. Bathroom Remodel - Upscale: recover 93.2% at resale
8. Major Kitchen Remodel - Mid-Range: recover 91.0% at resale
9. Deck - Mid-Range: recover 90.3% at resale
10. Basement Remodel - Mid-Range: recover 90.1% at resale
Take a look at the full article Cost vs. Value Report
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