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Cost versus value: choose wisely

February 06, 2014
Most people know that if you renovate part of your home, add on or make any significant im-provement, you won't recoup your entire investment.

A return on cost isn't why you would usually make improvements.

Instead, you make them so you can enjoy your home that much more while you're living there.

There are, however, times when you realize you haven't made improvements in a long time and it might help you sell your home; hopefully for a higher price than you would get otherwise.

It is during these times that you want to consider the potential return on your investment in order to better determine if you should make the investment at all or perhaps make a more modest im-provement.

Each year, Remodeling Magazine comes out with their annual "Cost vs. Value" report, broken down regionally and by major city.

Here's a sampling of improvements along with the costs that can be recouped for Atlanta:

Entry door replacement – 141.8 percent

Deck addition (wood) – 116.8 percent

Basement remodel – 83.4 percent

Bathroom remodel – 73.2 percent

Minor kitchen remodel – 79.7 percent

I would take these specific numbers with a grain of salt. There are many other factors that affect the value of your home; making these improvements won't guarantee a return equal to the list above.

However, if you're considering a remodel or significant improvement in order to sell your home, it is important to know first what your home would sell for in its current condition.

Once you know this and the cost of the improvement, you might be able to determine what your home's value would be after any improvement, or if you should make that improvement at all.

Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. Visit his blogs or or email him:
emailEmail Link

Tags: Business News, Community & Outreach

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