Have you been wondering if you should remodel your existing home? Or maybe just sell it and buy something where the work is already done? Is the cost of the remodel worth it? Will you get your money back when your ready to sell? Here is a guide we received from a real estate seminar awhile back that may help you with that decision. Keep in mind that this is just an estimate and costs and recoverable amounts may have changed and will vary in different regions.
Project Estimated Cost %Recoverable
Add full bath: $5,000 – $10,000
to a 1 ½ bath home 80%
to a 2 bath home 50%
Add half bath: $2,000 – $3,000
to 1 ½ bath home 60%
Add a bedroom (In Existing Space): $6,000 – $8,000+
Add a bedroom (Add on Space): $10,000 – $15,000+
to a 3 bedroom house 75% – 85%
to a 4 bedroom house 65%
Add a garage: $3,500 – $6,000+ Up to 50%
Add a fireplace: $1,500 – $3,000 Up to 75%
Basement Finish: $3,000 – $6,500+ Up to 15%
Enclose a Porch: $5,000 – $6,000 50% – 60%
Install Central Air: $2,500 – $4,500 Up to 75%
Room Units: $500 – $1,000 0% to 50%
Install New Heating: $1,200 – $2,000 0% to 100%
Repaint Frame House: $1,000 – $2,000 0% to 100%
Install New Siding: $3,000 – $8,000 Up to 75%
Landscape: $500 – $2,000 40% to 60%
Add a pool: $10,000+ 0% to 40%
Add a patio: $2,000 – $4,000 35% to 60%
Source: Institute of Real Estate Appraisers