Are you thinking of renovating your house? If you want to find out the average costs of renovation versus the resale value of your property when you decide to sell it, you may check out Remodeling Costs vs. Value Report 2010-2011. It is available for download at http://www.costvsvalue.com. Results are based on a Web-based survey of more than 150,000 REALTORS® and appraisers in 80 cities.
The report contains data that compares construction costs for popular remodeling projects against the share of those costs recovered at resale. In addition to city data, the report includes tables with national and regional averages, as well as complete project descriptions, 3-D images and QuickTime movies for all 35 projects surveyed.
Home renovation may actually increase the value of your property, it will stand a better chance at attracting a willing buyer who doesn't have to take care of renovations. Though, don't be surprised to find out that you will not be recouping all the expenses you paid for the renovation. According to last year's data, the national average of the job cost of remodeling the bathroom was $16,142, however, the resale value was at $11,454 meaning that the cost recouped was only at 71%. The percentage of the resale value vs. the costs varies depending on what type of renovation you want. Based from history, kitchens and baths have some of the higher cost-value ratios.
The extent to which you will receive a return on your remodeling costs depends in part on the price of your home when it goes on the market. Homeowners may also benefit if remodeling costs stay low. According to Mike Gaffney of Gaffney Homes, one of the reasons in decrease of remodeling costs is the increased availability of skilled workers to make the renovation.
Renovating can be costly and inconvenient, but it can add to the comfort and use of your home. And of course, it will increase its value when it's time to sell. If you are renovating to sell, always consider the taste of potential buyers which means that the upgrade should be neutral to appeal to a wider range of people. You can ask a Realtor for ideas to increase the house appeal. They would have an idea of what buyers look for in a house. When doing the improvements, you want to make sure you can get the best value of your dollar.
The report contains data that compares construction costs for popular remodeling projects against the share of those costs recovered at resale. In addition to city data, the report includes tables with national and regional averages, as well as complete project descriptions, 3-D images and QuickTime movies for all 35 projects surveyed.
Home renovation may actually increase the value of your property, it will stand a better chance at attracting a willing buyer who doesn't have to take care of renovations. Though, don't be surprised to find out that you will not be recouping all the expenses you paid for the renovation. According to last year's data, the national average of the job cost of remodeling the bathroom was $16,142, however, the resale value was at $11,454 meaning that the cost recouped was only at 71%. The percentage of the resale value vs. the costs varies depending on what type of renovation you want. Based from history, kitchens and baths have some of the higher cost-value ratios.
The extent to which you will receive a return on your remodeling costs depends in part on the price of your home when it goes on the market. Homeowners may also benefit if remodeling costs stay low. According to Mike Gaffney of Gaffney Homes, one of the reasons in decrease of remodeling costs is the increased availability of skilled workers to make the renovation.
Renovating can be costly and inconvenient, but it can add to the comfort and use of your home. And of course, it will increase its value when it's time to sell. If you are renovating to sell, always consider the taste of potential buyers which means that the upgrade should be neutral to appeal to a wider range of people. You can ask a Realtor for ideas to increase the house appeal. They would have an idea of what buyers look for in a house. When doing the improvements, you want to make sure you can get the best value of your dollar.
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