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Remodel or Sell?
Many homeowners find themselves in the
conundrum of whether to remodel or sell their home. I have personal
experience with a serious remodel of an historic home, which we remodeled
down to the studs but restored in a shabby chic style, using finds from
architectural salvage yards. The house came out beautifully, but we would
have kept about $100,000 more in our pocket and saved ourselves many years
of our lives and backs had we sold and moved.
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The reason for that is that Russ and I do
not make the handiest team, and we don't tolerate chaos very well. Plus we
weren't committed to staying in the home for many years to come, which
would have justified the expense. Ask yourself those same things: how much
can you tolerate chaos, how long will you be staying in your home, and are
you lucky enough to know a reliable contractor? (We weren't.)
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Here's a handy chart that is published by
the Institute of Real Estate Appraisers. Keep in mind that the
costs seem very low, especially by Seattle standards.
|
| Project |
Estimated
cost |
Percent
recoverable |
Add a
full bath:
To a 1 1/2 bath home
To a 2 bath home |
$5,000-$10,000 |
80%
50%
|
Add a
half bath:
To a 1 1/2 bath home |
$2,000-$3,000 |
60% |
Add a
bedroom:
To 3 bedroom house
To 4 bedroom house |
$6,000-$8,000+
(in existing space)
$10,000-$15,000+
(add-on space) |
75-85%
65% |
| Add a
garage |
$3,500-$6,000 |
Up
to 50% |
| Add a
fireplace |
$1,500-$3,000 |
Up
to 75% |
| Turn
basement into rec room |
$3,000-$6,500+ |
Up
to 15% |
| Enclose a
porch |
$5,000-$6,000 |
50%-60% |
Install
central air:
Room units |
$2,500-$4,500
$500-$1,000 |
Up
to 75%
0 to 50% |
| Install
new heating plant |
$1,200-$2,000 |
0
to 100% |
| Repaint
frame house |
$1,000-$2,000 |
30%
to 80% |
| Install
new exterior siding |
$3,000-$8,000 |
Up
to 75% |
| Landscape |
$500-$2,000 |
40%
to 60% |
| Add a
pool |
$10,000+ |
0
to 40% |
| Add a
patio |
$2,000-$4,000 |
35%
to 60% |
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