Remodeling Values

Americans have always loved home DIY projects, and home renovation is expected to reach a record high this year. With a shortage on inventory and rising prices, many homeowners are staying put and choosing to remodel.

Harvard's Joint Center for Housing Studies recently projected that Americans will spend a record $316 billion on home remodeling. That is $20 billion more than last year. This is a positive and strong indicator of consumer confidence when homeowners splurge on minor and major remodels.

If you are a homeowner considering some remodeling, it's good to know the return on your remodeling investment. Remodeling Magazine has released estimates on ROI on some popular remodeling projects. Here are the average costs and percentage of return:

Project	Job Cost	Resale Value/ROI
Roof Replacement	$20,142	$14,446/71.7%
Bathroom Remodel	$17,809	$11,769/65.7%
Bathroom Addition	$42,223	$23,727/56.2%
Garage Door Replacement	$1,652	$1,512/91.5%
Major Kitchen Remodel	$59,999	$38,938/64.9%
Minor Kitchen Remodel	$20,122	$16,716/83.1%
Family Room Addition	$86,616	$58,807/67.9%
Master Suite Addition	$115,810	$74,224/64.1%
Deck Addition	$10,471	$7,850/75%

These figures provide rough estimations of added value should you decide to sell. Of course, expenditures will depend on if you are putting in the sweat equity yourself or are hiring professionals. 

Hope your summer is sailing along smoothly. Let us know if you need anything!