Remodeling Magazine has released their Costs vs Value Report for 2008-2009. The statistics were pulled from all regions of the United States. Here are some of the highlights from the Midwest Region report:
Project Average job cost % of recovery upon sale
Basement remodels $64,008 59.1%
Bath remodels $16,568 64.3%
Deck addition (composite) $15,440 64.2%
Major kitchen. Remodel $58,253 66.5%
Minor kitchen. Remodel $21,758 69.1%
Roof replacement $20,227 54.7%
Sunroom Addition $71,591 51.3%
Most remodeling projects are completed long before we decide to sell. Home improvement items, upgrades to new carpet and fresh paint always help speed up the sale of your home. However, if the seller does not have a realistic view of the remodeled items market value, then they can get stuck in a long market time and eventually have to make many price reductions.