It may be worth it to fix up!

Posted by Warren Williams on Saturday, February 28th, 2015 at 6:08pm.

I ran across an article in Realtor.net magazine which I think may be helpful to you when you are thinking of selling your home and you are wondering if the money you spend on fix up is worth it. Of course there are may factors which go into making this kind of a decision.

How much did I pay for my home? What is my home worth as an average in the neighborhood--am I at the high or medium range when compared with the other homes which are for sale or have recently sold? I can help you determine that with a professional opinion called a competitive market analysis.

How much equity do I have in my home measured by the value above the financing or other obligations owed when you get that check at the closing table? Is my home an income property and will I be concerned with capital gains or other hidden costs when I sell?

These and other questions are important for us to work through together. The Williams Colorado Realty Team at RE/MAX Alliance can help with it all. Warren and Yvonne have helped more than 500 clients realize their goals when deciding on real estate and financing needs.

The question often I raised earlier regarding whether I should remodel before marketing my home could be helped by the attached matrix which gives general values in the Mountain region of the country when it comes to evaluating cost v. value for certain projects. These are in no way considered accurate for bidding purposes but rather are a guideline for general planning purposes. For actual cost evaluation we recommend you get at least three bids from bonafide contractors in the trade associated with your projected remodeling project. That way you can make the best decision, but you should have some idea of the neighborhood cost from the attached chart.

             
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Midrange 
2015 National Averages 
Mountain 
Project Job Resale Value Cost Recouped Job Resale Value Cost Recouped
Cost Cost
Attic Bedroom $51,696 $39,908 77.20% $49,079 $35,682 72.70%
Backup Power Generator $12,135 $7,263 59.90% $11,826 $5,998 50.70%
Basement Remodel $65,442 $47,637 72.80% $62,538 $44,607 71.30%
Bathroom Addition $39,578 $22,875 57.80% $37,653 $19,662 52.20%
Bathroom Remodel $16,724 $11,707 70.00% $15,879 $10,528 66.30%
Deck Addition (composite) $15,912 $10,816 68.00% $15,414 $9,670 62.70%
Deck Addition (wood) $10,048 $8,085 80.50% $9,584 $7,020 73.20%
Entry Door Replacement (fiberglass) $2,926 $2,107 72.00% $2,875 $2,002 69.60%
Entry Door Replacement (steel) $1,230 $1,252 101.80% $1,193 $1,089 91.30%
Family Room Addition $84,201 $53,955 64.10% $81,047 $49,262 60.80%
Garage Addition $52,382 $33,938 64.80% $50,759 $30,916 60.90%
Garage Door Replacement $1,595 $1,410 88.40% $1,544 $1,211 78.50%
Home Office Remodel $29,066 $14,155 48.70% $27,929 $11,648 41.70%
Major Kitchen Remodel $56,768 $38,485 67.80% $55,006 $34,502 62.70%
Manufactured Stone Veneer $7,150 $6,594 92.20% $7,103 $5,594 78.80%
Master Suite Addition $111,245 $68,596 61.70% $107,725 $65,832 61.10%
Minor Kitchen Remodel $19,226 $15,255 79.30% $18,491 $14,822 80.20%
Roofing Replacement $19,528 $13,975 71.60% $18,592 $13,538 72.80%
Siding Replacement (vinyl) $12,013 $9,694 80.70% $11,370 $9,700 85.00%
Sunroom Addition $75,726 $36,704 48.50% $73,220 $32,213 44.00%
Two-Story Addition $161,925 $103,848 64.10% $154,980 $99,032 63.90%
Window Replacement (vinyl) $11,198 $8,163 72.90% $9,947 $7,383 74.00%
Window Replacement (wood) $11,341 $8,937 78.80% $10,972 $8,996 82.00%
 
Upscale 
2015 National Averages 
Mountain 
Project Job Resale Value Cost Recouped Job Resale Value Cost Recouped
Cost Cost
Bathroom Addition $76,429 $44,750 58.60% $74,533 $40,444 54.30%
Bathroom Remodel $54,115 $32,385 59.80% $52,445 $28,396 54.10%
Deck Addition (composite) $36,385 $21,437 58.90% $35,156 $18,806 53.50%
Garage Addition $85,592 $46,791 54.70% $82,620 $41,828 50.60%
Garage Door Replacement $2,944 $2,429 82.50% $2,888 $2,060 71.30%
Grand Entrance (fiberglass) $7,548 $5,099 67.60% $7,405 $4,479 60.50%
Major Kitchen Remodel $113,097 $66,747 59.00% $110,060 $61,250 55.70%
Master Suite Addition $236,363 $126,860 53.70% $230,677 $118,592 51.40%
Roofing Replacement $36,329 $22,840 62.90% $33,131 $19,794 59.70%
Siding Replacement (fiber-cement) $14,014 $11,816 84.30% $13,274 $9,975 75.10%
Siding Replacement (foam-backed vinyl) $15,184 $11,790 77.60% $14,560 $10,516 72.20%
Window Replacement (vinyl) $13,837 $10,365 74.90% $13,425 $9,206 68.60%
Window Replacement (wood) $17,422 $12,533 71.90% $17,015 $11,031 64.80%

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