Do you wonder if you replace the countertop to granite if you’ll get your money back? Replace the siding? Remodel the bathroom? New carpet vs tile vs wood floors? These are typical decision makers when selling your home.
MSN publishes a Cost vs Value Report and according to the Remodeling 2011-2012 Cost vs. Value report (www.costvsvalue.com)
For Oklahoma City, Oklahoma the report has a break down of costs spent on remodeling jobs vs. pay back when sold. For example the report states that in 2011 a minor kitchen remodel costs on average $18,560. and owners received $14,839. back for their efforts. Window replacement (vinyl) $9,681.00 cost and value $6491.00 Roof replacement $17,709. for cost and value $9,960.00
Why the difference? Costs for materials and labor for remodeling went up
from rose about 17%while remodeling costs have dropped 10%-15% in the past 5 years, says Sal Alfano, editorial director of Remodeling Magazine, which recently released the 2011-2012 edition of its annual Cost vs. Value Report.
Sounds great for home owners who can afford to remodel.
However, the report also states that the next-highest payback – 67.6% –” is in the West South Central region: Texas, Oklahoma, Arkansas and Louisiana.” Our construction costs are low and resale values are relatively high.
Good news for us Oklahoma locals.