Remodeling Increases Value of Home
Our last home remodeling project was the kitchen – it took us five months to complete. It’s funny because I waited twelve years to get a “new” kitchen and spent those years tearing out pictures from magazines of ideas I liked. We used several of those – so when friends’ comment that the kitchen looks like it’s from a magazine, I laugh and say, it is!
According to Qualified Remodeler Magazine, January 2014 issue, homeowners once again are opening their wallets for the finer things, as they did before the recession. No longer do projects consist only of have-to repairs; homeowners are checking off items on their want-to lists as well. Of course, this is good news for the remodeling industry but for homeowners as well. Why is that? Because the cost of investing or remodeling a home is offset by the increased value one gains when they sell the home. The cost-value ratio expresses resale value as a percentage of construction cost, states Remodeling Magazine, January 2014, and it is on an upward trend for the second consecutive year.
The Cost vs. Value Report 2014 put together by Remodeling Magazine includes a Project Index that shows 35 projects showing job cost, the value of sale and cost recouped at sale. For example, a major kitchen remodels in our region would cost, on average, $54,907. The value of the kitchen when the house is sold is $33,805 – which means 61.6% of the cost to remodel is recouped at the sale. The most popular projects nationwide are those replacing doors, windows and siding rather than larger projects such as bath, kitchen and basement remodeling or additions. It was interesting to read in this article that Backup Power Generators have become very popular in the last year no doubt due to the increase of devastating storm systems we have experienced.
After our kitchen remodel, my husband said that was his last large project and maybe so since we have remodeled almost every room in the house. But homeowners know that maintenance and updating are essential to protect the value of their homes.
(Contributed by Sharon Laing of Gutter Cover of Kansas City)