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Construction
Remodeling? Wise choices can pay off
Thinking of remodeling a kitchen, or adding on another bedroom to your home or one of your rental properties?
If you wonder how much the value will increase compared to the renovation cost, Remodeling magazine has the national averages in its most recent “Cost vs. Value” report.
Depending on the city and a variety of other factors, it is possible in some cases to recoup 100 percent of the cost.
And much depends on whether the conversion reduced other valuable square footage in the home – for instance converting a bedroom to a large master bath.
The chart below lists the average remodeling costs on midrange projects that have the best return on investment.
Remodeling Job |
Cost |
Amount Recouped |
Deck addition (wood) |
$10,347 |
85.4% |
Minor kitchen remodel |
21,185 |
83.0% |
Siding replacement |
9,910 |
83.2% |
Window replacement (wood) |
11,384 |
81.2% |
Window replacement (vinyl) |
10,448 |
79.3% |
Major bathroom remodel |
15,789 |
78.3% |
Major kitchen remodel |
55,503 |
78.1% |
Attic bedroom remodel |
46,691 |
76.6% |
Basement remodel |
59,435 |
75.1% |
Two-story addition |
139,297 |
73.9% |
Garage addition |
53,897 |
69.5% |
Family room addition |
78,989 |
68.6% |
Roofing replacement |
18,042 |
67.4% |
Bathroom addition |
37,202 |
66.0% |
Sunroom addition |
69,817 |
59.1% |
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The technical information here is necessarily brief. No final conclusion on
these topics should be drawn without further review and consultation. Please
be advised that, based on current IRS rules and standards, the advice contained
herein is not intended to be used, nor can it be used, for the avoidance of any
tax penalty assessed by the IRS.
© 2010, CPAmerica International. All Rights Reserved.
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