Cost vs. Value 2017: New Haven Region

Cost vs. Value 2017: New Haven Region

When undertaking a professional home renovation, homeowners usually intend to continue living in and enjoying their new space. That could mean a new master bedroom suite, an upgraded kitchen for the chef in the house, or an addition so the family can spread its wings.

If immediate use is the number one factor in considering what/how to renovate, then future value should be number two, as you never know when you may decide to sell your home. With that in mind, there are a number of renovation projects that can yield significant return value should you choose to sell your house in the future.

According to Remodeling Magazine, a minor kitchen remodel in the New Haven Region costs an average of approximately $22,000 +, but has a resale value of over $26,000. That is 118% of your cost recouped! Adding a wood deck to your home can recoup 116% of your cost and even something as simple as replacing the siding can recoup 89% of that project’s renovation cost, increasing your home’s value in the process. As you can see, there are many different projects that can increase usefulness and value in your home, both now and in the future.

Check out the link for additional cost vs. value data on various other home renovation projects.

Data source: http://www.remodeling.hw.net/cost-vs-value/2017/new-england/new-haven-ct/