How much will I get back on resale when I remodel?
As a realtor in Brookfield, Wisconsin, this is a question I get asked quite often, especially during the winter months, when people are in the throws of remodeling.
Here’s what you can expect in the Midwest:
Major Kitchen remodel average cost of $58,000 will recoup about 62% of cost.
Minor Kitchen remodel average cost of $21,000 will recoup about 69% of cost.
A major kitchen remodel would include replacement of cabinets, counters, lighting, appliances, and perhaps flooring, whereas a minor kitchen remodel would utilize existing cabinets, flooring, counters, and perhaps change lighting, appliances, add tile backsplash, etc.
Major bath remodel average cost of $54,000 will recoup about 52% of cost.
Minor bath remodel average cost of $16,000 will recoup about 60% of cost.
Best payback of 90% is for replacement of entry door.
Window and siding replacements will recoup between 68-72%.
The best part about all this remodeling is that you get to enjoy the fruits of your labor before you sell!
(Info. from the Remodeling’s Cost vs. Value Report by Hanley Wood LLC)
Posted by:
Lisa Rossetto
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Yes, you can still take advantage of first-time homebuyer’s tax credit!
