So, you’re looking at that house for the third time and saying, ‘it’s not quite right.” It needs
a new…. And, then you ask me what does it cost to do….? You get the idea. Whether it’s a new kitchen, windows, bathroom, roof or an addition to make the house perfect for you and your family, you need to have an idea of cost. And then, what your ROI might be.
I am asked this kind of question fairly often. What will it cost me to replace the windows?
Or, how much does a new kitchen cost? My answer always is “it depends”. It depends on quality. It depends on vendor. It depends, especially when it comes to that kitchen, on the appliances you choose and the kind of cabinets, or both. Remodels and additions can be pie in the sky when it comes
Just in case you’re thinking about doing a little remodeling once you close escrow, here’s my 2008 guideline on what to expect it to cost. Plus, when you get ready to sell your home, after doing everything to it to make it just perfect, what you can expect to re-coup.
Let’s begin with likely moderately priced additions to the
|Family Room addition||$92,710||$78,647||84.8%|
|Master Bedroom addition||$116,134||$101,224||87.2%|
|Wooden Deck addition||$12,812||$13,836||108%|
Now let’s look at a moderately priced remodels of the house.
|Major Kitchen remodel||$61,122||$59,056||96.6%|
|Minor Kitchen remodel||$22,698||$23,494||103.5%|
|Replacement of Roof||$21,360||$18,182||85.1%|
But, what happens if you want to go First Class with your remodel?
The costs above are for additions or remodels that are done with medium prices appliances and fixtures which are perfectly fine for most of us. If you’re living in a more upscale neighborhood, where doing only the best works, then prices are considerably higher. The first are to give you an idea for additions to that future home you’re considering.
|Trax Deck addition||$16,623||$16,354||98.4%|
|Master Bedroom addition||$248,404||$192,084||77.3%|
Now, what if you only want to update the house because it’s such a great buy?
For an idea of what it might cost going whole hog, Full Monty or where money’s no object look at this.
|Major Kitchen Remodel||$117,254||$104,241||88.9%|
|Vinyl Windows replaced||$15,743||$15,855||100.7%|
Here’s the surprise in comparing the moderate projects versus the high end projects, the ROI on the higher end isn’t always as good as it is on moderate. Isn’t that interesting? So if you want to do something to that house you’re considering buying, only do what you really want to do, and not what you think will give you the best return when you sell. Your idea of the perfect kitchen, bathroom, office or deck, might not be the next buyer’s idea.