4 Take-Aways from the Cost vs Value Report
It’s here! It’s here! The 2017 National Cost vs. Value report is here!
And your response is…”so what exactly is that and how does it benefit me?” Good question. The “Remodeling Cost vs. Value Report” (www.costvsvalue.com), is made available via Hanley Wood, LLC, each year and can be useful to both remodelers and homeowners in evaluating which home remodeling projects will yield the most return at the sale of a home. It is pretty interesting to digest in total, but we will give just a few of our quick take-aways from this report and how we think it might be useful.
- No, you won’t get a dollar for dollar return. I wish it was as simple as invest $10,000 in your home and when you sell it, your home will be worth exactly that $10,000 that you put into it. In good ole Central Illinois, our home values will probably never soar like the East or West coast (and likewise will probably never plummet like Detroit).
- Yes, it really cost that much! As a quick reference to the totally legitimate question, “How much should it cost to remodel my kitchen?”. The Cost vs. Value report lists 19 midrange home projects and 10 upscale home projects and their respective average job cost nationally, regionally, and by some major metro areas. What we appreciate is that the average job cost is pretty realistic as compared to what you might be learning watching HGTV.
- Yes, there are smart and not-so-smart home remodeling projects. If you plan to stay in your home for 2-5 years, taking a conservative approach to a kitchen upgrade or master bathroom remodel and choosing more neutral tile, flooring, cabinetry, etc., might make good sense. If you are in your forever home and want to make it truly your own, then go for it. We believe there is value in loving and enjoying your home. It should feel good to you and create a peaceful environment.
- Just can’t handle less than 100% return? Insulate your attic. This is the only home project listed on the Cost vs. Value Report that will give you super bang for the buck. It won’t be exciting to show your friends or to soak in at the end of a long day, but when you sell your home you will get a quick smile.
We would love to hear your take-aways or discuss any project in more detail. Hope you enjoy the report!
Source: “© 2017 Hanley Wood, LLC. Complete data from the Remodeling 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”