When a home owner considers a remodeling project, the desire to improve their home’s livability usually is the driving force behind their decision. If your family expands or the need to house aging parents becomes a necessity, perhaps you’ll need a new bedroom in the basement, a studio for an in-law or an addition for additional living space. When a homeowner hits their tipping point on the condition of their kitchen or bathroom, the search for a qualified remodeler begins.
When you begin that all important search for a qualified remodeler you should too think about what kind of return you might get for your investment. A home owner in Chicago may ask “if I spend $50,000 on a new kitchen, what will my house be worth after it’s finished?” This is a common and a very important question when undertaking any potential remodeling project. What is the return on your investment?
Remodeling Magazine can help a home owner considering a remodeling project when it published its annual cost vs value on Chicago remodeling projects. Interestingly, the addition of a new exterior deck returns the best cost recoup at almost 82% of the average $10,000 total cost incurred. The next project according to the study that re-coup’s the most cost is re-siding your home.
Also interestingly, the project returning the least on your investment is a new home office only returning 54% of the average investment of $28,000. Another project that may make homeowners think twice about undertaking is a sun room addition that only returns 57% of the costs involved. Still want to do that major kitchen remodel? The good news is that you can expect a much higher return on your investment with those expecting to receive 76% of the $57,000 investment.
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