Will your remodel payoff? How Seattle home-owners fair.

Posted by sonnykwan

July 29, 2008

Did you know?

Almost 40% of Seattle home-owners took on home remodeling projects last year. From spicing up the kitchen to creating a bathroom that feels more like a spa, upgrades to your most valuable asset can pay off handsomely. With remodels, there is more at stake than improved livability; you could be adding thousands of dollars of value to your home. When done right, the money you put into a remodel may return to you in kind, or greater, when you put your house on the market.

Getting the Highest Return on Your Investment

Some remodels will reap greater benefit than others, and a lot of what you see will depend on the Seattle market area at the time your house is listed for sale.

Before you start any remodeling project, make a list of what you hope to achieve. A room-by-room analysis of your home can give you a good idea of where improvements are most needed.

Once you have a sense of what needs to be done, you can weigh that against what might reap the greatest reward when the time comes to sell your home.

Is Remodeling Really Worth It ?

According to Remodeling Magazine’s 2007 survey, the average remodel will net you a hefty percentage of your original investment: A minor kitchen remodel with cosmetic changes such as new cabinets or countertops, could net you as much as 106.4% of your investment. A mid-range bathroom upgrade, including skylight, double sink, Jacuzzi tub, and tile floors, will bring back 103.2% of your money. Adding another bathroom is expensive and complicated, but could show returns up to 91%. Adding a sunroom could reap benefits to the tune of up to 70.6%. And converting your basement into a more pleasing living space could bring a 92.7% return.

Other common remodels include:

§ Major kitchen remodel: 97.1%§ Bathroom addition: 90.9%§ Roofing replacement: 88.9%§ Vinyl siding replacement: 88.8%§ Cement siding replacement: 101.8%§ Deck addition: 91.1%§ Family room addition: 81.8%§ Attic bedroom remodel: 98.3%§ Vinyl window replacement: 96.4%

By the way… I hope this information has been helpful to you. If you know someone who could also benefit from this type of information, or who is in need of a trusted real estate advisor, please forward their contact information to me so I can get in touch with them. I’m never too busy for your referrals. Sonny Kwan • VP of International Marketing • 206-819-8228 • sonnykwan@johnlscott.com

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