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Home Market Blog

By Home Market Realty | Broker in Brooklyn, NY

Is This Home Renovation Going To Be Worth It?

Remodeling value

Home Market Realty.

By: T.  Atiq

Licensed Real Estate Broke

www.HomeInBrooklyn.com

Home remodeling projects can add function to a home, but don’t always add value. Consider the latest report from Remodeling Magazine.

In it, the average cost of 35 projects are evaluated for the value they retain at the time of resale. Function beats flash, it seems, in today’s housing market.

Expansive kitchens and custom vanities are returning less value to homeowners in Brooklyn, NY  on a percentage basis than energy-efficient doors and windows, for example.

A sampling of Remodeling Magazine’s Cost vs Resale report shows the following cost recovery, by project:

  • Attic Bedroom Remodel : 79.90 percent cost recovery
  • Bathroom Addition : 74.90 percent cost recovery
  • Bathroom Addition (Upscale) : 72.80 percent cost recovery
  • Home Office Remodel : 63.40 percent cost recovery
  • Minor Kitchen Remodel : 85.20 percent cost recovery
  • Major Kitchen Remodel : 75.90 percent cost recovery
  • Roofing Replacement : 73.90 percent cost recovery
  • Window Replacement (Wood) : 85.30 percent cost recovery

Overall, “green” projects are returning a high percentage of costs to remodeling homeowners — especially for respect to homes that are “over-improved” with respect to the neighbors.

CNNMoney.com hosts a “Will This Renovation Pay Off?” calculator on its website, based on the data from Remodeling Magazine’s annual report. It may be a helpful guide for you. That said, before starting a home improvement project, regardless of whether your goal is increase your home’s resale value or to improve its function, be sure to talk with a real estate agent that knows your neighborhood well.

At worst, you’ll gain insight to what’s “typical” for your area to work into your plan, and, at best, you’ll keep yourself from over-improving your home.

Whether you are new to the market, thinking of moving up, or you’re an experienced investor, we have the expertise, proven track record, and resources to help you buy or sell your next home. Enthusiasm, knowledge of the area and personal concern for the client’s interests combine to make me an outstanding resource for your real estate transaction. We work extensively to help Buyers and Sellers meet their real estate goals.

Home Market is Here to Help!

My website provides invaluable information on the Buying and Selling process and is intended to be easy to use and consumer friendly. The site makes it convenient for you to preview available properties and narrow your search before feeling pressured to contact a Realtor. Of course, when you are ready to discuss your real estate needs and goals, or if you have any questions, we are always available to help.

When you need the services of a Realtor, why not hire someone that will make you and your real estate goals #1?

CONTACT
Office:718-756-0200
1928 Fulton St
Brooklyn, NY 11233

 
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