CT Green Real Estate

Empowering you to make Smart Decisions

Remodeling: Cost vs. Value

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Your home is your castle and should be just the way you want it to meet your needs & desires.  If the home you live in falls short, consider a renovation project. If you’re a buyer looking for a Fairfield County home, but you can’t seem to find just the right one, consider spending less money on a house that you can renovate to your specifications.

Remodeling can be a big undertaking, so go into it with your eyes wide open.  First and foremost, make sure you have the time and energy to do it right. Then evaluate how much it will cost you and how much this will improve the value of your Fairfield County home.  To help in that effort, check out the latest ‘Cost to Value Report’ which quantifies the average cost of 35 different remodeling projects and what percentage of that cost you will recoup when selling your home.

In our area the average cost recouped is approximately 62%.  For mid sized homes the lowest is 39% for a home office remodel.  The highest is 86% for a new entry door followed by 76% for a minor Kitchen remodel and 75% for Vinyl Siding remodel and Garage door replacement.

I’m sure you are curious to know that a major Kitchen remodel came in at 64% and Bathrooms came in at 60%.  Lastly, with all the power losses we’ve experienced, be prepared to recoup about 48% of a generator with an average cost of $12,000.   It’s interesting to note that the numbers for these projects in mid size and upscale homes are in a close range of one another.

For all projects, see both the New Haven & NYC reports.

 When making major renovations to a Fairfield County home, you should also get a Comparative Market Analysis of what your house would be worth after the renovation is complete?  Is it cheaper to just buy a different home with these features in place?  I also recommend making major additions and capital improvements green so that your energy costs go down, your indoor air quality goes up and so your home will be considered highly desirable in the future as the momentum for green homes increases.

If you want real estate advice on what your potential home improvement means for your home’s value, contact me any time.

wendy@ctgreenrealestate.com    203.767.3444
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