Inside Appeal: Cost vs. Value
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As we transition into fall, and the weather gets chilly, we will be spending more and more time inside our homes. So this month, we're focusing ourselves indoors to discuss home improvements you can do inside to get the best return on your investment. It's always important for homeowners to make sure they're putting their money in the right place. So the first question that comes to mind for many is, will this renovation pay off?
Remodeling magazine has tracked the cost of a variety of common home improvement projects, and calculated how much of that cost was recovered when the home sold. The numbers are in for 2015: Move over kitchen and bathroom remodels, because the attic bedroom is stepping up to the plate. Raking in a whopping 103% cost recouped, with a job cost of $55,318, attic bedroom remodels are number one on the list for midrange indoor projects in the Portland Metro Area this year.
Attic bedroom remodels can be a smart investment; they increase living space without increasing the home's footprint, and the basic structure--roof, floor and wall--already exists. Functionality of the home is increased, which can be very desirable to potential buyers. Though attics may have quirks, like sloped walls, and zoning laws/building codes should always be adhered to, an attic bedroom remodel is still nearly half the cost of an addition.If you have any questions about whether or not remodeling is right for your situation, please think of me as a resource. I would love to chat with you! Need inspiration? Check out these TrueView properties with beautifully remodeled attic bedrooms.
Cost vs. Value 2015: The Runners Up (Midrange Portland Metro Area)
- Window Replacement (wood): 97.3% Cost Recouped - $11,606 Job Cost
- Minor Kitchen Remodel: 94.4% Cost Recouped - $19,672 Job Cost
- Window Replacement (vinyl): 87.3% Cost Recouped - $10,582 Job Cost
- Basement Remodel: 78.9% Cost Recouped - $67,807 Job Cost
Curious what home improvement projects bring in the worst return on investment? Below is a list of the lowest cost recouped on a project:
Cost vs. Value 2015: The Main Offenders (Midrange Portland Metro Area)
- Home Office Remodel: 47.3% Cost Recouped - $29,899 Job Cost
- Sunroom Addition: 48.5% Cost Recouped - $77,590 Job Cost
Source: Remodeling