Charlotte remodeling projects generally cost less than similar jobs across the Southeast and the rest of the country – and return more of the owner’s investment when it’s time to sell. Good news if you’re considering an upgrade.
That’s a quick first impression of the latest Cost vs. Value Report from Remodeling Magazine. And a longer look offers even more good news. The magazine says the average overall estimated return is up almost 3 points in the 2013 report, a striking turnaround from the past couple of years and more evidence that the remodeling market is rebounding.
The magazine’s annual opinion survey, widely watched and always interesting, was delayed this year. It’s usually released in late fall, but was posted online earlier this month.
The magazine surveys remodeling and real estate pros in markets across the country, then calculates the cost and average expected return on 35 popular projects.
Projects are grouped as “midrange” or “upscale,” depending on the nature and cost. Here are a few tidbits from the 2013 findings:
The top-scoring midrange project in Charlotte is an attic bedroom. It costs about $42,000 and should return 85 percent of that investment at resale. Impressive – and up 10 percentage points from last year.
The upscale project that should return the most is the installation of fiber cement siding. It should cost about $11,600 and return 85 percent.
If you’re planning to add a home office, watch your budget. The midrange project that would likely return the least in Charlotte is the new home office, which would cost about $25,000 and return only 43.3 percent. That’s up from 39.5 percent from last year, but still at the bottom of the list.
Midrange bathroom projects, both additions and improvements, should return about two-thirds of the investment. Kitchen projects are a better investment. Both the $17,000 project and $50,000 project in the midrange survey would likely return closer to three-quarters of their cost.
Upscale bath work should return about two-thirds – and so should the $102,000 upscale kitchen remodel. You get a better return on your money by remodeling a midrange kitchen.
Remodeling Magazine says, and past surveys suggest, that exterior replacement projects tend to offer the best returns. They’re low cost and provide quick curb appeal. For instance, the steel entry door replacement scores really well – except in Charlotte.
A new steel front door costs a bit more than $1,000. It returns 92 percent in the Southeast, 85 percent across the entire country – but only 67 percent here.
You can download it in PDF format. The download will include figures for Charlotte, the Southeast and the nation – making for easy comparisons – along with detailed descriptions of each project