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So everyone wonders, "Is it worth the money to remodel my home?" Overall the answer is "Probably." The reason home improvement and remodeling is a $230 billion industry is because people are finding value in home improvement projects.
However you should not expect to fully recover the amount of the remodeling investment right away. Typically you can expect between 80% and 90% back on your home improvement investment dollar, sometimes more, sometimes less, within the first year or two. With the proper remodel, you can increase and even make money on the improvement the longer you stay in the home.
Typically, neutral decorating (new carpet, paint, wallpaper, etc.) is money well spent. Larger improvements, such as additions and remodels, must be considered on a case-by-case basis. Be sure to take a look at your neighborhood when planning changes and try to keep improvements in line with other properties in the area.
The following guidelines are rough estimates based on an article completed by Remodeling Magazine coupled with Pacific Appraiser's experience. Keep in mind that these figures apply to a 'typical' house in a 'typical' neighborhood.
| HOME IMPROVEMENT GUIDELINES |
ADDITIONS |
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Bathroom |
90% |
Deck |
90% |
Family Room |
80% |
Master Suite |
70% |
Second Story |
100% |
REMODELS |
|
Bathroom |
100% |
Home Office |
70% |
Kitchen (Major) |
90% |
Kitchen (Minor) |
105% |
REPLACMENTS |
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Roofing |
90% |
Siding (Vinyl) |
90% |
Windows (Wood) |
100% |
Windows (Vinyl) |
95% |
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