You’ve saved the money, set your budget, explored Pinterest and have your favorite ideas earmarked. You have researched the products, whether it is the best heated floor products for your bathroom, or the most innovative cabinet designs for your kitchen. You are finally ready to get that project done.   

One of the questions I get asked most often by my past clients and current homeowners is, “If I do X, will I get my money back when I sell?  I don’t want to over-improve my home”

I have 4 resources to tap to help determine remodeling costs and the return you may see to help you decide on how to move forward with your project.

1. “Remodeling 2022 Cost vs. Value Report” (www.costvsvalue.com)*

If you’re wondering about the resale value of a project a great resource is Cost vs. Value Report.  The report, which comes out annually, lists the average cost of 22 remodeling projects plus the average “resale value” and “cost recouped” for each project. You can also look up the data for your local market by zip code so you have an idea of the average cost of your project according to this report when you start assessing quotes from local contractors. 

This report is only one resource to consult when you are getting ready to remodel or improve your home.  Remember, I am a resource too! When it comes to your neighborhood and your particular home, I can also guide you on projects that provide the best return on investment when it comes time to sell.

The “Cost vs Value Report” not only gives the national averages for each of the 22 projects, it also provides the average job cost, resale value, and cost recouped for specific regions, including our Middle Atlantic region.  As stated previously you can also look the data up by zip code for your local area.

The information can be helpful when you are trying to decide if it is worth spending more on a project or using more expensive products to recoup more money.

Project data is not limited to remodeling bathrooms and kitchens it also includes more mundane projects such as replacing windows, roofs, and siding.  Other projects included in cost vs value report are deck additions, bathroom additions, master suite additions, using manufactured stone veneer, and installing a grand entrance door.

A small project such as replacing the Entry door with a steel door you could recoup as much as 70% of the average $2,519 cost. While you could recoup 81% of the average $11,688 cost of replacing the entry door with a grand entrance (upgrade the standard entry door to a fiberglass door with dual sidelights).  

If you’re looking at a larger project such as replacing the roof, in the New York, NY area you can expect to recoup 53.3% for the $67,859 cost of a metal roof compared to 62.5% of the $44,865 cost of asphalt shingles. You can decide which one is best for your budget and your home!

Visit the link www.costvsvalue.com for details on the 22 projects. It’s easy to use — step 1 is the national data, step 2 pick your region, step 3 Pick New York, NY to download the data for our area.  If you want to look data up for a particular zip code, you’ll need to register with the site.

2.  My real estate expertise

While the “Cost vs Value Report’ provides an excellent overview of popular remodeling jobs. I can also help you with your project.

Things to consider when deciding on the scope and budget for your project are

• What benefit does it give you? And wanting your bathroom to be a relaxing haven you will get pleasure out of OR finally having a kitchen that lives up to your gourmet talents are important factors.
• How long do you plan on being in your home? A shorter timeframe may impact some of those design decision such as that commercial grade stove.  
• Are you renovating just to get your home ready to sell? Before taking on a bathroom, or major kitchen remodel, or any renovation JUST to get your home ready to sell call me – Major Kitchen and bathroom projects return just over 50%, while a minor kitchen remodel might return close to 80%.   There are other things I can suggest that will give you more return and better prepare your home for sale, so you get the most for your home.  

3.  My Industry Contacts

I keep my finger on the pulse by staying up to date with other real estate agents, I know what they are seeing and what their buyers are particularly interested in.  What buyers are perceiving as dated (remember the brass bathroom fixtures of the 90s?) or what will probably not last much longer as a design choice.   My contractors and stagers are also a good source of what’s in, what’s out, and what’s iffy.  That being said, It’s your home and you have to be happy so balance what you like and want with market trends.

4. Industry Publications

I keep my finger on the pulse by staying up to date with other industry sources, such as National Association of Realtors® research, Inman publications, construction and design magazines, and our local MLS data and research.

How I Can Help

Contact me (eileen@comehometowestchester.com) if you plan to remodel and we can go over project costs and resale value at the local level and for your own home.

I understand the pros and cons of certain remodeling projects in our local market and know which ones are worth doing, what to expect cost-wise for the project you are thinking about, and which projects will bring you the most bang for your buck when it comes time to sell your home.

* “©2022 Zonda Media, a Delaware corporation. Complete data from the 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”