Gainesville Fl Homes

Is It a Good Investment to Remodel My Gainesville Fl Home?

The Value of Homes in Gainesville Fl Homes is Decreasing

Homes in Gainesville Fl, similar to the rest of the United States, have fallen in price due to short sales, foreclosed properties and an excess of homes on the market for too long. So why would it make sense to take hard earned money and put it to use in a declining asset. If you are close to selling your home in the very near future then it would not make sense to invest in a costly remodeling project. In this case you should look at other alternatives in preparing and repairing your house for sale. However, let’s say you are planning to remain in your Gainesville, Fl homes for a longer period of time and you want to remodel.  Then you can and should know the facts about remodeling projects and what you can expect to see as a return on your investment.

Home Remodeling Surveys

The following information is taken from a survey conducted by Home Tech Information Systems at www.hometechonline.com. The Company compiles cost data taken from suppliers and contractors who work in remodeling. This information is then adjusted by regional factors and areas. These regional areas are broken into New England, Middle Atlantic, South Atlantic, East and West North Central, East and West South Central, Mountain and Pacific.

This article will show a comparison between the National Averages and the South Atlantic Region. The resale value is provided by Realtors based upon survey estimates. This resale value was supported by surveys submitted to appraisers, real estate agents and brokers. It should be noted that the resale value estimates do not take into consideration the time sale factor of the house but what the improvements would return under normal sale circumstances. The surveys have a 95% confidence level of accuracy.

Remodeling Projects- Gainesville Fl Homes (South Atlantic Region) versus National Homes

It is important to note that the surveys conducted for which remodeling projects to pick for a home emphasizes that cost restraint is needed in all cases. Unless you have a lot of money to burn and don’t care about what you are spending on the house, you should do the projects that give the best return to you. General comments are that adding living space around or in your home is still attractive to buyers. It is an improvement that will fetch high percentage returns on your cost. So is adding items as a mid-range entry door for your home. Wood decking is likewise giving high returns of over 80% of your cost investment. These costs projected here are based on mid range improvements and will vary depending on materials you choose and the size of your house and rooms. The main purpose of this article is to give you an idea of what to expect to recapture on your cost investment. This article is intended as a general guide to assist you with deciding what improvements could return the highest costs. Here is a partial list of remodeling projects and how they will possible be of value to you for your home investment:

Improvement                  National                                   South Atlantic Region

                            Job Cost    Resale Value        Job Cost            Resale Value

Bathroom Addition    $39,046      $23,233              $34,876              $21,692

Wood Deck             $10,634      $ 8,573                $9,505               $7,589

Sun Room Addition   $73,167      $37,118               $68,362             $37,805

Garage Addition       $58,432      $36,361              $53,307             $35,132

Bathroom Remodel    $16,142      $11,454             $14,784            $10,630

Kitchen Remodel      $57,215      $41,260             $53,900             $40,199

Major

Kitchen Remodel      $21,411      $16,773              $20,504             $15,923

Minor

As always you should get at least three quotes and references from contractors when you are contemplating any addition or remodeling projects for your home. Make sure you get references and check out these references. Check with local and state agencies to see if any complaints have been filed against the contractor. If there is a consistent list of complaints then you should run don’t walk away. Nothing will be more costly than hiring the wrong contractor to do your project. Perform your due diligence and don’t cut corners on this step.