Improvement Payback Estimator
| Project | Job Cost | Resale Value | Cost Recouped |
|---|---|---|---|
| Minor Kitchen Remodel | $14,773 | $13,038 | 88% |
| Two-story Addition | $67,744 | $56,770 | 84% |
| Bathroom Addition | $14,216 | $11,704 | 82% |
| Bathroom Remodel | $9,455 | $8,048 | 85% |
| Family Room Addition | $46,738 | $37,217 | 80% |
| Exterior Paint | $8,336 | $6,233 | 75% |
| Master Suite | $63,275 | $47,699 | 75% |
| Major Kitchen Remodel | $38,769 | $31,344 | 81% |
| Basement Refinishing | $39,658 | $27,260 | 69% |
| Attic Bedroom | $31,366 | $23,232 | 74% |
| Siding Replacement | $6,286 | $4,604 | 73% |
| Re-roofing | $10,111 | $6,100 | 60% |
| Sunroom | $27,081 | $16,247 | 60% |
| Window Replacement | $9,026 | $6,198 | 69% |
| Deck Addition | $5,865 | $4,498 | 77% |
| Home Office | $10,526 | $5,833 | 55% |
Homeowners make improvements to their homes for many reasons. Along with comfort, convenience and aesthetic reasons, one of the best reasons is to make improvements is to increase property value. In some cases the value of your home can go up by as much as the cost of the remodel, and in some cases even more depending on the homes location, it's condition, and the quality of the work.
There are many variables in determining what costs you can expect to recover from your home improvement when you sell. The value of home and value of like homes in the area, as well as the quality of the improvement, type of improvement and desirability.
Remodeling Magazine has published the national averages on paybacks for specific home improvements. The payback rates are based on 300 interviews conducted by Remodeling Magazine with real estate agents and appraisers around 60 markets throughout the country. Their opinions are based on an improvement being made and the home selling within 12 months of the completed improvement. Actual payback rates will vary from neighborhood to neighborhood even within the same market.
One thing is certain though, home improvements made in preparation of putting a home on the market will increase the home's value, marketability, and will help that home sell faster. Buyers today are looking for homes that are in move-in condition.
