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Remodelling Your Home By The Numbers
Dated: June 20 2024
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Remodelling Your Home By The Numbers
Maybe you've been feeling the need for more space, less space, or just different space. You've been wondering which solutions will give me what I want with the least financial hit? Here's one gauge to use: Expect moving to cost about 10% of your home's current value. If your remodel project can be done for less than that, stay and do it! But plan it with an eye on the potential resale value. Read on for ideas and tips that will help you take the lead in plotting your home remodel.
In addition to making it more livable, remodeling can also make your home more valuable. According to the Appraisal Instituete of Canada, your remodel investment dollars pay back at differnt rates when you sell your home, depending on the type of project you choose. Using these sample job costs, her is the estimate return on various remodeling projects:
| Remodel Project | Job Cost | Expected Return | Average Payback |
| Minor Kitchen Remodel | $15,000 | $11,000 - $15,000 | 75% - 100% |
| Major Kitchen Remodel | $75,000 | $60,000 - $75,000 | 75% - 100% |
| Bathroom Remodel | $30,000 | $28,000 - $30,000 | 75% - 100% |
| Basement Remodel | $35,000 | $17,500 - $26,500 | 50% - 75% |
| Fireplace Addition | $15,000 | $7,500 - $11,500 | 50% - 75% |
| Deck Addition | $30,000 | $15,000 - $22,500 | 50% - 75% |
| Heating System Replacement | $20,000 | $10,000 - $16,000 | 50% - 80% |
| Window Replacement | $30,000 | $15,000 - $22,500 | 50% - 75% |
| Major Landscaping | $50,000 | $12,500 - $25,00 | 25% - 50% |
In conclusion, remodeling your home can be a strategic investment, offering both enhanced living space and potential financial returns. By assessing the costs and expected paybacks of various remodeling projects, you can make informed decisions that balance immediate needs with long-term value. Remember, if the cost of your remodel is less than the estimated 10% of your home's value that moving might incur, it could be more beneficial to remodel. Utilize the insights and tips provided to navigate your remodeling plans effectively, ensuring they not only improve your quality of life but also contribute positively to your home's resale value.
If you need personalized advice, assistance in determining your home's current market value, or have any other real estate questions, I am available for you. Feel free to reach out to discuss how we can make your home remodeling project a success. I'm just a message or phone call away. Happy remodeling!
Ryan Thompson
I have more than three decades of business experience under my belt. My approach to real estate is characterized by a professional yet relaxed demeanour, coupled with strong organizational skills and ....
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All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating