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Home improvement costs not always recouped
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Added: 04/26/2004
Type: Summary
Viewed: 1080 time(s)
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Home improvement costs not always recouped
Homeowners in Boston and San Francisco get the biggest bang for their home improvement dollars, while their counterparts in Buffalo and Cleveland get the lowest return, a new national survey says.
In an analysis of up-front costs and added value on re-sale in more than 30 markets by Handyman Matters, Inc., the best returns were in Boston and San Francisco, where projects ranging from bathroom renovation to adding on a family room or rear deck often brought back greater than a 100% return. By comparison, those same projects in Buffalo and Cleveland seldom paid homeowners back even a third of the original cost.
“Home improvement is a good way to increase the value of a home, when the project is done by qualified workers,” said Andy Bell, president of Handyman Matters, Inc., the nation’s leading residential renovation company.
But Bell cautioned it’s also important to select the best improvements and not to expect to recoup all of the investment if other homes in the same neighborhood haven’t kept pace. “Home improvements should be done primarily to make a family’s lifestyle better,” he said.
The best average payback on investment was for adding a home patio deck, which returned an average of 103%, on an average $6,000 cost. But the return in the Boston area averaged a staggering 250% on approximately $7,200 worth of work. By comparison, that same project in Cleveland cost homeowners an average of $6,200, but only added less than a third that amount when the home was sold.
“There is no single answer for every homeowner in every city,” Bell said. “Someone who wants to renovate their home must make sure the quality of workmanship is good, but they should also make what improvements better their lives, and not always expect to get it all back.”
The analysis of home prices and average improvement costs offered some insight into what types of project is the best investment. For example, bathroom renovation continues to be one of the best investments, almost everywhere in the country. But in many markets, homeowners who carefully renovate existing bathrooms actually recoup more of that investment than if they added another room.
“The best plan is one that takes all variables into consideration,” Bell said. “That includes local market conditions, overall sales prices in a given neighborhood and the quality of the workmanship of the project.”
EDITOR’S NOTE: Complete survey results are available by contacting us at the e-mail address below.
Handyman Matters specializes in small jobs and light remodeling: such as one-hour projects to bathroom remodels, with all work guaranteed for one year. Each Handyman Matters is licensed, insured, bonded; employee owned and operated offering discounts to senior citizens. Established in Colorado in 1997, the firm has a presence in21 states nationwide. For more information, visit the company's website at www.handymanmatters.com, or call (303) 984-0177. |
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