Archive for the ‘Added Value’ Category

Remodeling costs are down an average of 5 percent to 10 percent nationwide with some areas down 20 percent, the remodeling industry reports.

In the 12 months that ended in March 2009, the most recent data available, $118.2 billion was spent on home-improvement projects, down from $146 billion in the 12 months ending in March 2007 – the national peak of remodeling activity – according to a report from the Harvard Joint Center for Housing Studies.

One of the reasons for the price decline is competition. Most home buyers spend the most on remodeling within the first two years after purchasing a home. Not only are there fewer home sales, but also strapped home builders are seeking remodeling work, confirms David Crowe, chief economist for the National Association of Home Builders.

Source: The Wall Street Journal, M.P. McQueen (10/28/2009)

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More than 80 percent of new single-family homes have at least two bathrooms, which occupy an average of 300 square feet of floor space, or 12 percent of the total area, according to a study by the National Association of Home Builders.

The home builder’s study reports a major return on value for extra bathrooms: “When the number of bathrooms is approximately equal to the number of bedrooms, an additional half-bath adds about 10 percent to the home’s value, and one additional bath adds about 19 percent.”

A mid-range bathroom remodel, which costs $10,500 on average nationwide, repays a home buyer at least 100 percent of the outlay when the property is sold, the home buyer study concludes.

Source: Chicago Tribune, Mike McClintock (09/21/2009)