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.

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How long will a project/job/renovation take?

When working with a new client, this is probably the question we are asked most often. And while we would like to always give a quick, straightforward response like, “this bathroom will take exactly three weeks,” often the answer is a bit more complicated.

To use a bathroom as an example, the length of time a renovation can take depends on a multitude of factors such as:

  • Size of the bathroom
  • What kind of materials will be used? If the materials aren’t very common or have to be special ordered, the lead (order) time could stretch the job out.
  • Is the layout of the bathroom remaining generally the same or will it be                                                                                   rearranged?

Once the job begins, unknown issues could be discovered after the demo process:

  • If mold is discovered, it will need to be remediated before the job can continue any further, causing a delay in the renovation.
  • Any previously unrevealed issues with pre-existing wiring or plumbing will need addressed and/or to be brought up to code.

Similar situations will be involved in any renovation, whether it is a bathroom, kitchen, basement, addition, etc. Ultimately, what a contractor should do is give a general estimate on timing based on the size and scope of work and provide consistent updates on how long the job may take based on any issues that may arise.  A contractor should also be able to adjust on the fly, adjusting the schedule to try and get it back on track.