Every year, Remodeling Magazine publishes their Cost vs. Value report giving you accurate information on what the national average is, for the area you live in, regarding increase in value for your home remodeling projects. More and more people these days are remodeling their current homes either by choice or by circumstance. Homeowners that are stuck in the housing conundrum of being unable to sell and move because they owe far more than their home is worth is resulting in investments of new flooring, windows, and remodeling projects while they are waiting for home sales to rebound or are making their home more comfortable to live there longer.
The remodeling business has increased in the last few years due to the amount of foreclosures and short sales that are happening freeing up more money for homeowners to spend on home improvement projects. Financial analysts have high hopes for the home remodeling industry in 2013 according to a recent report in the Wall Street Journal. They are predicting as high as a double digit growth in residential home improvement projects for the first half of 2013. The average ROI for most large improvement projects is roughly 50% of the cost which is hard to beat when you think of a lot of your other purchases that you make in your life.
It is not only the economy that has caused home remodeling trends to increase, but also the first wave of baby boomers hitting their golden years andfamilies are opting for creative ways for home health care solutions. In-law apartments, also commonly called mother-in-law suites, gave a big increase to home additions and basement makeovers this past year. The National Association of Home Builders recently surveyed builders and 62% said they were currently working on a home project related to age modification.
Below are the reported numbers for this last year regarding how much value you could anticipate recouping on home remodeling projects. These numbers reflect the Minneapolis, MN area. To check out the whole report or other locations across the country go to: http://www.remodeling.hw.net/2011/costvsvalue/national.aspx .
2011-2012 Cost vs. Value Report
|Project||Average Job Cost||Average Resale Value||% of Cost Recouped|
|Deck Addition (composite)||$15,386||$8,498||55.2%|
|Deck Addition (wood)||$9,774||$5,814||59.5%|
|Family Room Addition||$82,931||$41,884||50.5%|
|Major Kitchen Remodel||$57,300||$31,543||55%|
|Siding Replacement (vinyl)||$11,608||$6,850||59%|
|Window Replacement (vinyl)||$11,366||$6,353||55.9%|
Lindus Construction / Midwest LeafGuard is a full service contractor specializing in LeafGuard Gutters, GAF Asphalt Roofing, SeasonGuard Windows/Siding/Insulation, Metal Roofing, Decking, New Construction & Home Remodeling. Call us at 1-800-873-1451 or check us out on the web at http://lindusconstruction.com. Tune into WCCO 830 every Saturday at 9am for our Home Improvement Show with Denny Long & Andy Lindus.