Here’s a site that shows the return one can expect from various remodeling projects. The 2007 report was recently compiled and this site is loaded with that report’s data. You can see at figures the national level, or drill down by region (i.e. “Mountain” – see graphic below), or even download specific city data (however, for Nevada, only Las Vegas city-level data is available).
Overall, this is a very informative site with thorough explanations of the data.
source of graphic: http://www.costvsvalue.com/mountain.html
9 comments
The best way to make money on these home improvement projects is to do them yourself. Replacing windows is usually fairly easy and you can do it slowly over time. Roofing I would always contract out.
The prices for these projects are laughable, especially if you stay away from the fancy choices like marble or granite.
With the housing down turn, there are a lot of good deals on items like cabinets and flooring.
I agree mtr I paid about 35k for new wood floors and a remodeled kitchen, granite, maple, brazillian cherry wood floors.
If I had paid a contractor It would of ran me AT LEAST 45k, most likely more.
Depends upon whether you are handy with tools; your time and availability to do quality work; and your own hourly rate in your trade or profession.
The home improvement projects are fun, though. Mine just don’t turn out as well as if a trained contractor had done them!
quite true tom, I have seen many home improvement disasters. In fact I was the one fixing them!
I was fortunate enough to have an actual contractor help me do my projects without charging me ( family ). Otherwise you had better do some research before you rip out those old cabinets !
RE: “The home improvement projects are fun, though. Mine just don’t turn out as well as if a trained contractor had done them!”
Word to the wise: if you can’t do a job AT LEAST as good as a professional, don’t bother.
There’s nothing worse than hack work: counters that don’t fit perfectly, mouldings cut wrong, floors, esp. tile floors, with mistakes in the corners and edges, pipes sweated by someone who thinks the more solder, the better, doors cut wrong, etc.
If you see any of that, run away. There’s probably ten times more hack work that you can’t see, like improper wiring or plumbing, buried in walls.
Interesting chart
Contrary to the BS on the TV “flip” shows, there are no remodeling projects pay for themselves in added value.
On TV, it’s: “you paid $10,000 for new windows and that increases the value of your house by $25,000!”
What utter baloney.
I’ve always believed the old saying, you make money when you buy real estate, not when you sell. The only way to profit on a rehab, is to buy low. Too many fools subscribed to the flip this house mentality, paying way too high a price for the property to start. There are countless flips stinking up the mls right now which couldn’t even dream of recouping the purchase price, let alone the cost of the upgrades. And, as for a profit? Bwahahahaha! A fool and his money are soon parted.
Probably the best way to learn about home re-modeling is to hire a carpenter who will allow you to work as his assistant during the project. That way, you can see all the tools being used by a pro and get a good idea of the process flow and tool techniques.
Also, many big boxes have people will a lot of expertise and information about the latest products and installation tips. There are also a number of good books out there. Study the project before you start.
Wow! I can’t believe those prices, I do alot of remodel projects in my home, and I have never hired a GC, My husband and I do all the work ourselves, and only hire pro’s for stuff that it would be stupid for us to try to do ourselves, electrical, plumbing, roofing etc. Our costs are about 1/4 of what is shown on that list. We could have saved even more than that had we known earlier about the Reno habitat store - check that place out, brand new stuff (plumbing, tile, electrical, etc) dirt cheap and frequently the staff will negotiate with you on the price.