HOW MUCH VALUE WILL MY HOME IMPROVEMENT MAKE?
Making home improvement decisions cannot totally hinge on "what will future buyers want" but resell should be considered before making large investment decisions. The chart below shows data available from the Charlotte area on remodeling costs and costs recouped at sale.
Have you always dreamed about lounging in a sunroom? You may want to consider the value it would add as compared to a deck addition which would give you more bang for your buck.
"Who are the buyers today and what are they looking for?", are good questions to ask when considering a home improvement project. Many of today's buyers are very focused on outdoor living spaces so you may appeal to the next generation by keeping this in mind. You may be concerned about durability but the buyer may be asking, "Do I have to live with that for 20 years?" Maybe a minor kitchen remodel would be a better investment over a major one.
The most important fact to embrace is that COST does not equal VALUE. I suppose it is possible to invest $50000 and gain $75000 in equity but not probable. A well executed improvement project will add value but not equal to the cost of the job.
Never forget that location is the single largest determining factor with regard to value of any property. Take into consideration what features other homes in your area have and don't "over improve" your property.
| Charlotte, NC - Midrange Data |
2013 South Atlantic Averages
|
| Job Cost | Resale Value | Cost Recouped | Project | Job Cost | Resale Value | Cost Recouped | Change vs. 2011-12 |
|---|---|---|---|---|---|---|---|
| $42,487 | $36,296 | 85.4% | Attic Bedroom | $44,429 | $35,021 | 78.8% |  |
| $10,638 | $5,531 | 52.0% | Backup Power Generator | $10,918 | $6,698 | 61.3% |  |
| $54,368 | $43,852 | 80.7% | Basement Remodel | $56,432 | $44,949 | 79.7% | |
| $33,417 | $20,273 | 60.7% | Bathroom Addition | $34,852 | $20,581 | 59.1% | |
| $14,047 | $9,054 | 64.5% | Bathroom Remodel | $14,612 | $10,194 | 69.8% | |
| $13,999 | $9,393 | 67.1% | Deck Addition (composite) | $14,389 | $10,181 | 70.8% | |
| $8,214 | $6,459 | 78.6% | Deck Addition (wood) | $8,550 | $7,128 | 83.4% | |
| $2,663 | $1,639 | 61.5% | Entry Door Replacement (fiberglass) | $2,694 | $1,694 | 62.9% | |
| $1,072 | $719 | 67.0% | Entry Door Replacement (steel) | $1,096 | $1,010 | 92.2% | |
| $70,927 | $48,391 | 68.2% | Family Room Addition | $73,082 | $48,168 | 65.9% | |
| $44,572 | $31,544 | 70.8% | Garage Addition | $46,123 | $30,461 | 66.0% | |
| $1,435 | $1,056 | 73.6% | Garage Door Replacement | $1,431 | $1,127 | 78.8% | |
| $25,023 | $10,830 | 43.3% | Home Office Remodel | $25,645 | $11,176 | 43.6% | |
| $50,124 | $37,250 | 74.3% | Major Kitchen Remodel | $51,044 | $36,258 | 71.0% | |
| $91,126 | $61,227 | 67.2% | Master Suite Addition | $94,589 | $62,339 | 65.9% | |
| $16,987 | $12,765 | 75.1% | Minor Kitchen Remodel | $17,476 | $13,023 | 74.5% | |
| $16,922 | $9,482 | 56.0% | Roofing Replacement | $17,302 | $11,574 | 66.9% | |
| $10,038 | $7,262 | 72.4% | Siding Replacement (vinyl) | $10,374 | $8,194 | 79.0% | |
| $66,558 | $30,682 | 46.1% | Sunroom Addition | $68,181 | $33,975 | 49.8% | |
| $140,051 | $94,000 | 67.1% | Two-Story Addition | $144,436 | $99,855 | 69.1% | |
| $9,080 | $6,631 | 73.0% | Window Replacement (vinyl) | $9,268 | $6,906 | 74.5% | |
| $10,008 | $7,231 | 72.3% | Window Replacement (wood) | $10,160 | $7,592 | 74.7% | |
