Every year, Remodeling Magazine conducts a nationwide survey to compare the present-day cost of several popular home remodeling projects against their resale value. These surveys provide a valuable tool for industry analysts to measure the general state of the U.S. real estate market.
The 2011-2012 Cost vs. Value Report shows that the resale value for most projects has dropped somewhat (for example, a bathroom remodel recoups 62.2%, as opposed to 64.1% last year). This is primarily due to the overall decrease in home values, and while labor costs are down, the cost of building materials has also risen significantly.
If you are planning an upgrade, you might want to go to www.costvsvalue.com to check out the data for your project. Remember, local costs for labor and materials can vary dramatically from national statistics. To choose the most cost-effective projects, be sure to consult with your REALTOR® who will know what upgrades are worth doing because they are most popular with your target buyers.
For rock solid advice on buying or selling real estate, call Craig Reece at 435-647-8017 or toll free at 866-709-8016. Craig has been a full time Park City resident since 1973 and a full time real estate agent since 1978.