Remodeling Magazine released its Cost vs. Value report for 2013, and the news is good. The magazine says that for the first time in six years the cost-value ratio has improved to over 60 percent – 2.9 percent better than last year. In looking at the report, we noted that nationally, all of the remodeling categories cited were up in value vs. last year, and attic bedrooms ranked high for remodeling ROI in our region. Additionally, bathroom and kitchen remodeling were 65 percent and 68.9 percent ROI, respectively.
What does that mean to a homeowner? It means that being savvy about remodeling projects can bring you a good return on investment when you sell your home. But remodeling is also smart if you’re staying in your home. It makes you more comfortable and allows you to really enjoy being at home. The most valuable remodeling projects continue to be new bathrooms and kitchens, as well as extra bedrooms or adding more square footage to your home.
Most remodeling projects are done because of a need, not a want. If you’re considering remodeling, ask yourself a few questions. How long will you be in that house? Will the remodeling improve your quality of life? Be aware that you will recoup your money in five to seven years. Is it worth it to make a change that will make life easier or more comfortable? Do you have a vision of what you would like your home to be? Enlist the help of a custom remodeler to give you some budget estimates, then determine whether your expectations fit within your budget. Evaluate the cost vs. the value, but remember that value has a different meaning for everyone.