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Remodeling Your Home – Cost vs Value 2008 & 2009

December 15, 2009
Chicagoland Remodeling

Chicagoland Remodeling Map

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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Categories: Remodeling
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About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

1 Comments

1

They go back to school to get more specialized skills so they can earn more money

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