Real Estate: Cost vs. Value of Remodeling

Real Estate: Cost vs. Value of Remodeling

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So, why should you talk to a great real estate agent prior to remodeling?

 

  1. Top agents work with a lot of buyers and know what they are looking for in homes today.
  2. Top agents go through as many as 100 homes in one week with multiple buyers. With this experience, we can bring a lot of ideas and options to the table you might not have considered otherwise.
  3. Agents regularly connect contractors and remodeling companies with their buyers to update their newly purchased home.

 

Did you know in the Greater Cincinnati the average return on investment is:

 

Midrange

Job Cost

Resale Value

Cost Recouped

Basement remodel

$61,767

$35,375

57.3%

Bathroom Remodel

$16,136

$9,008

55.8%

Sunroom Addition

$73,736

$32,413

44.0%

Major Kitchen Remodel                 

$58,916

$32,992

58%

 

(Numbers are from Remodeling Cost vs. Value Report 2011-12)

 

 

Higher End homes recoup even less in the same categories.

 

With these numbers, homeowners need to take a long hard look at how long they plan to live in the home and what their resale value is projected to be for their immediate area. It’s not always wise to make certain updates to a home just prior to selling it.

 

Feel free to contact me with any questions: Beverly.Corsmeier@cbws.com