We have been asked questions like "If I update my bathroom or kitchen, how much will that add to the value of my home." The truth is, depending on what you do, the quality of the work done, and what market you live in, has an influence over exactly how much return you'll see on your investment.
We asked several agents,brokers, and appraisers and the following are "guess-timates" for the most typical remodeling projects.
Project: kitchen update/remodel... Value Added: 80-100% (Cost includes cabinets, countertops and all new appliances).
Project: Bathroom...Value Added: 80-100% (Cost includes new fixtures, floors and walls; structural changes. Adding an additional bathroom can add more valuethan 100% of resale value
Project: Room Addition...Value Added: 50-100% It really depends on what type of room you are adding. A family room or new master suite (don't forget to include the cost of a bath) will add much more value to a home, than an office or fourth bedroom.
Project: Converting an attic, basement, or garage into living space... Value Added: 25-40% Cost assumes no structural changes and no new plumbing; value added depends on size of house (smaller house = more value), and type of space created (family room or bedroom, more valuable than a game room or gym area).
Project: Adding a deck...Value Added: 40-60% The warmer the climate, the more value added. Also, the size of the deck, the design, and added amenities (ie: spa) can influence value.
Project: Repainted Exterior...Value Added: 40-60% Repainting the exterior of your home is the cheapest and best way to get your buyers to the front door, and see a profit.
Project: In-ground Swimming pool... Value added: 20-40% Here on Long Island, an inground pool might add less value than 20%. With our climate and limited use, it's may not be where you should spend your money and expect to see a return & you're narrowing your niche as it takes a specific buyer to see value in a pool.
We hope this information was helpful to you, as you consider your next home project. If anyone has any other ideas or would like to comment --- please feel free to share!