Recouping the Cost
I guess our investments in redoing the kitchen and now the siding will pay off for us eventually. At least that's what I gather from a remodeling study that estimated how much money homeowners recoup from the cost of specific room renovations. Here are the top three:
1. Kitchen remodel - 92.9% return
The study said the most popular minor improvements were adding dual sinks and cooking stations, undercabinet lighting, marble or granite countertops, and ceramic tile backsplashes. OK, so we didn't do all of that. But we did manage to fit in the granite counters and tile backsplash, though I don't think the tiles are ceramic. I don't know what they are, except pretty! And we replaced all the kitchen cabinets, sink, appliances, and the floor, plus painting and adding a massive hutch. Except for the floor, I really like the way it turned out. It's not a gourmet kitchen, but it's roomy and efficient.
2. Siding replacement - 92.8% return
It had better be a good return, because this siding replacement is costing a fortune! We've opted for Hardiplank, hoping that its lifetime warranty will never need to be used. After all, if Southern Living says its the way to go, who are we to argue? And anything has to be better than this "squirrel buffet" cedar stuff we've got now.
3. Bathroom remodel (mid-range) - 90.1% return
This was supposed to be our next major project right after the kitchen, but the old siding just wouldn't wait. So I may never get to this renovation, which has been one of my top priorities ever since we moved into this house 10 years ago. The master bath is the pits! It's a crackerbox of a bathroom, with a tiny sink and "rustic" vanity cabinet. There's almost no mirror space, even less light from the 1/2 window, the tub has rickety sliding doors, and the uneven floor has the worst tile I've ever seen on it! (See why I think this bathroom will win the ugly contest??!) We had gotten estimates of $10,000 and up on a "low-end" remodel, which meant taking about 3 extra feet from the adjoining room, replacing the tub with a large shower, installing a double vanity and vent fan, and fixing/retiling the floor. That's about $7,000 less than the siding estimate! But you gotta do what you gotta do. Better to replace the exterior before it falls off, exposing the interior to all sorts of perils, I suppose.
It's strange, but when we decided which parts of the house to renovate, we never took into consideration the standard return on our investment. It's good to know, after the fact, that we started with the most worthwhile project and have moved on to the second-most popular home investment. Now if we can just make it to that third one!
1. Kitchen remodel - 92.9% return
The study said the most popular minor improvements were adding dual sinks and cooking stations, undercabinet lighting, marble or granite countertops, and ceramic tile backsplashes. OK, so we didn't do all of that. But we did manage to fit in the granite counters and tile backsplash, though I don't think the tiles are ceramic. I don't know what they are, except pretty! And we replaced all the kitchen cabinets, sink, appliances, and the floor, plus painting and adding a massive hutch. Except for the floor, I really like the way it turned out. It's not a gourmet kitchen, but it's roomy and efficient.
2. Siding replacement - 92.8% return
It had better be a good return, because this siding replacement is costing a fortune! We've opted for Hardiplank, hoping that its lifetime warranty will never need to be used. After all, if Southern Living says its the way to go, who are we to argue? And anything has to be better than this "squirrel buffet" cedar stuff we've got now.
3. Bathroom remodel (mid-range) - 90.1% return
This was supposed to be our next major project right after the kitchen, but the old siding just wouldn't wait. So I may never get to this renovation, which has been one of my top priorities ever since we moved into this house 10 years ago. The master bath is the pits! It's a crackerbox of a bathroom, with a tiny sink and "rustic" vanity cabinet. There's almost no mirror space, even less light from the 1/2 window, the tub has rickety sliding doors, and the uneven floor has the worst tile I've ever seen on it! (See why I think this bathroom will win the ugly contest??!) We had gotten estimates of $10,000 and up on a "low-end" remodel, which meant taking about 3 extra feet from the adjoining room, replacing the tub with a large shower, installing a double vanity and vent fan, and fixing/retiling the floor. That's about $7,000 less than the siding estimate! But you gotta do what you gotta do. Better to replace the exterior before it falls off, exposing the interior to all sorts of perils, I suppose.
It's strange, but when we decided which parts of the house to renovate, we never took into consideration the standard return on our investment. It's good to know, after the fact, that we started with the most worthwhile project and have moved on to the second-most popular home investment. Now if we can just make it to that third one!
posted by Tif at 9:42 PM
1 Comments:
Congratulations on your 200th visit!
:) I came by, thinking I was going to read about toilets again, and you had a new entry for me to read - thank goodness, you did mention toilets, though.
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