Which Remodeling Projects Pay Off?
Anyone planning to buy or invest in a foreclosure property should budget for the basic cosmetic repairs — a fresh coat of paint, new carpet and maybe some simple touches like new light fixtures. But many foreclosure buyers and investors need to go far beyond the basic repairs to transform the property into a profitable investment — while spending as little as possible to do so. Lowe’s, in partnership with the Remodeling 2008-2009 Cost vs. Value Report, recently created the interactive Project Payback Calculator to help customers and investors identify the average cost and payback of various home improvement projects in their local market.
Some of the best remodeling projects involve making a home more energy-efficient — which also saves on monthly utility costs. Energy-efficient projects like double-hung window replacements (vinyl), which costs $10,537 for 10 windows, are high on the list, recovering 77 percent of their cost, while a bathroom remodel, which costs around $15,899, generates a 75 percent return on the investment.
The exterior of the house, which can be a major selling point for buyers, is another area where remodeling projects can leave a lasting impression. Consider siding replacement, which costs around $13,177, and generates an 87 percent return on the investment.
And don’t forget about the backyard either — an important feature when selling your home. Outdoor living areas can be a sanctuary as more and more Americans “nest” during these recessionary times. So consider adding a wood deck, which runs around $10,601, and recovers 82 percent of its cost.
Lowe’s and MONEY® Magazine have provided more information and project guidance on smart home improvement projects at Lowes.com/Homewise.
Please note, these prices truly DO NOT represent what INTEGRITY CONSTRUCTION CAN OFFER YOU. Just recently completed a major 1000sq ft addition with master bedroom, master bathroom with double shower system tile floor to ceiling, complete contemporary kitchen, poolside bathroom, re roof entire home with 3 shaded concrete roof tile, new stucco on entire 3000 sq ft two story home (same house) for less than $165,000. Job completed January 2012
Also just completed an entire kitchen (contemporary style again, stainless steel tile backsplash) moved walls, complete tile floor system throught out the 1st floor, remodel a small guest bathroom, paint, new texture on all walls & ceilings, install all new appliances (owner provided) for under $30,000 job completed January 2012
Projects based on 2008-2009 Please see how cost have changed based on new figures down below
As compiled in the Remodeling 2008–09 Cost vs. Value Report (www.costvsvalue.com)