Whether you’re remodeling your entire home or you’re having a deck installed, it helps to know that your investment will reap major rewards down the road. The most recent edition of the Cost vs Value Report in Remodeling Magazine displays promising news for Maryland homeowners. Not only are remodeling costs generally less expensive in the South Atlantic region of the United States, but the cost recouped at resale continues to climb for some projects.
Your Home Remodel Pays Off
Updating your master suite is one of the best ways to add value to your home. If you intend on selling your property, outdated amenities or appliances aren’t going to put extra dollars in your pocket. Not only will a home remodel provide you and your family with a more comfortable living space, but it will increase your return on investment.
The Hard Facts
You can’t argue with facts. This year, the Cost vs Value Report revealed that the cost of a “Major Kitchen Remodel” in the South Atlantic region averages at $58,986 while the National average amounts to $62,158. The cost recouped for the same project in the South Atlantic region exceeds 68 percent, making the investment more profitable than the prior year.
The Cost vs Value report also published data related to upscale remodeling projects in Maryland and the South Atlantic region. The average “Master Suite Addition” in the region averages at $240,629, about $10,000 less than the National Average. The cost recouped for the same project averages to just over 59 percent (another increase from last year).
Renovation vs Buying New
As a general rule, it is always more cost effective to renovate one’s home than to buy new. Older homes are typically built on beautiful pieces of land, while newer homes are built on smaller properties to maximize space and cost. This makes the process of re-selling a newer home incredibly difficult and homeowners are barely able to re-sell for the price of purchase.