Tom Donohue & Jeri Dube

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Surprising Report About the Value of Remodeling Projects

Posted On: July 6th, 2017 5:51PM


July 20, 2016 - According to conventional wisdom, remodeling projects, particularly kitchen and bath remodels, are great investments. We agree that prudent remodeling will help sell your home faster.

But, according to Remodeling magazine's annual "Cost vs. Value" report, few remodeling projects pay for themselves. For upscale homes in the Phoenix area, according to the report, a major kitchen remodel of $118,054 would typically add only $63,530 (or 53.8%) of value to a home, and a bathroom remodel of $55,920 would ordinarily add just $29,887 (or 53.4%) of value. Of the 27 remodeling projects studied for the Phoenix market, only three projects provided a positive return: attic insulation (136.3%), garage door replacement (107.1%) and entry door replacement (105.8%) - all for midrange homes. The full report, done in association with Realtor magazine, can be viewed here: COST VS VALUE REPORT

In light of these findings, we always suggest to clients that we see their homes before they undertake remodeling projects. We may have remodeling suggestions that will help sell your home both faster and for more money.

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