It’s summer time, often an opportunity to update, change and add on to a Chicago home. But which one provides the biggest bang on home improvement ROI? Below is a list that breaks it down and sheds some light:
Chicago homeowners who updated their most frequented rooms and those who added on more living space often enjoyed the biggest return on investment, according to Remodeling Online’s latest Cost vs. Value Report. The annual report is the result of responses from 300 real estate professionals in 60 markets nationwide. Remodeling Online asked the pros what level of return a given remodeling job would provide if the house were sold within one year of the work. On the average nationwide, kitchen and bath remodels along with second-story, bath, family room and master suite additions were rated tops. Experts say newness and spaciousness are key.
From a minor kitchen remodeling job’s return of 88 percent to a 71 percent return on both a major kitchen remodeling job and a master suite addition, here’s a look at what gives you the top five best returns for your money. Maintenance-related jobs are excluded. For periods longer than a year between the remodeling work and the home sale, expect smaller returns.
Although the data is updated annually, the figures below should give you a general idea of what return you’ll get on your improvements.
|Home Improvement Job||Cost||Resale Value||Cost Recouped|
|Minor Kitchen Remodel||$17,928||$15,278||85.2%|
|Window Replacement (Wood)||$11,040||$9,416||85.3%|
|Window Replacement (Vinyl)||$10,160||$8,500||83.7%|
|Major Kitchen Remodel||$54,241||$43,603||80.4%|
|Attic Bedroom Remodel||$44,073||$35,228||79.9%|
Source: Remodeling Online/Hanley-Wood.
Resale/Selling Value Tip:
The psychology of newness and more spacious quarters translates into top resale value when several conditions work in conjunction:
- Curb Appeal
- Remodeling to Existing Standards
- Quality of Work
Ian Schwartz with The Ian Schwartz Group is among Chicago’s top selling Realtors. Look to him and his team this summer 2018 to provide unparalleled client-centered service, dedication, passion, and top producing results; all while working to earn the trust, loyalty and friendship of each and every buyer or seller they represent. More info HERE