Cost vs Value Report 2013 – Top 3 Interior Improvement Projects
Remodeling magazine publishes the “Cost vs Value” Report every year. From replacing your front entry doors, to putting on a second story addition this report analyzes the estimated cost, resale value, and cost recouped. This information is helpful especially to homeowners who have chosen to remain in their current homes, and make improvements rather than starting fresh with a new home and a new mortgage.
This information is based on job cost, resale value, and cost recouped, this varies by region. View complete details and explore results by region at the website.
Here are the top 3 Interior home home improvement projects based on a national average:
1. Minor Kitchen Remodel
Estimated Job Cost: $18,527
Cost Recouped: 75.4%
It is not surprising that the kitchen shows up in the top 5 home improvement – also see #4 – as this room takes center stage for every home. Homeowners want a functional kitchen that meets the need of family members, friends and pets. For a basic 200 square foot minor kitchen remodel, you can expect to maitain your cabinet base, but replace the cabinet doors and drawers, install energy efficient appliances, replace laminate countertops, install a new sink/faucet, add new trim, wall covering, and replace with new resilient flooring like hardwood flooring, or prefinished wood flooring.
Interestingly enough # 4 top home improvement is a MAJOR kitchen remodel, which averages $53,931 and recoups an estimated 68.9%.
2. Attic Bedroom
Job Cost: $47,919
Cost Recoup: 72.9%
The attic, like the basement is often an underutilized space. With stairs, dormers, insultation, new interior walls and the final painting and decorating you can transform it into the new master suite or a private space for a teenage son or daughter.
Find out more about attic bedroom remodels from Remodeling Magazine.
3. Basement Remodel
Job Cost: $61,303
Cost Recoup: $70.3%
When a homeowner chooses to stay in their existing home, the first thing they want to do is make it more functionaly and make the most of the space available. A Basement remodel can be a great choice, and a bit less costly then a full scale addition. The basement remodel might include drywall for wals and ceilings, new doors, and wiring. This also include a new bar area complete with cabinets, countertops, sink, faucet, refridgerator, and resilient flooring. Also included is new lighting and resilient flooring in the main areas, and a new bathroom with cabinetry and shower.
For more information on 2013 remodeling trends visit the Remodeling report today.
Are you remodeling this year? What rooms are you going to do? Are these one of the three rooms you had in mind?