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Remodeling magazine has analyzed the cost of certain remodels and the percentage of cost they recoup at sale.
They give national averages and also offer some regional differences.
In the mountain region, this year, no remodel recouped all of the cost of the project (link to data), however some mid-scale improvements have increased compared to 2014. A steel entry door replacement in the mountain region recoups 91.3% of the cost, compared to 101.8% at the national average.
Wood windows, vinyl siding and a minor kitchen remodel are all in the 80% – 85% cost recoup range.
Personally, I would do an improvement that increased my quality of life while I lived in the home, weighed against how long I planned to remain. Since I plan to be in my home (practically) forever, we may opt for a major kitchen remodel compared to a minor one, even though we would only recoup ~60% of the cost.
From an appraisal standpoint, many people don’t understand that the master suite addition they absolutely must have won’t bring them an increase in value equivalent in cost. The data linked above gives an idea that it may only be about 60% for mid-range, and only about 50% for a more upscale version.
Give me a call or email if you have questions about doing some home improvement or are interested in listing your house soon.
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