So you're about to update your Louisville or Prospect home and you are probably wondering...Is it worth it? Below will give you a better idea on home much the project will cost but more importantly the equity and value you'll receive from the project.
Obviously cost will depend on location, contractor, extent of remodel, etc. but the key statistic is the "Cost Recouped". These number below are from a recent study for the LOUISVILLE, KY market therefore they are very accurate and relevant.
|Project Type||Average Job Cost||Cost Recouped|
|Major Kitchen Remodel||$55,972||73.5%|
|Minor Kitchen Remodel||$20,949||76.3%|
|Master Suite Addition||$100,401||71.3%|
|Family Room Addition||$79,138||67.3%|
As you can see, Bathrooms and Kitchens are what sell homes. It is important to not go "overboard" or you'll start to lose value but if you're looking to do some updates, invest your money in what the buyers like...Kitchens & Bathrooms. This will greatly enhance the re-sell value of your home.
If you're curious about what your home is worth or what an update might do to the value, ask me for my professional opinion. I would be more than happy to give you an estimate on what certain updates will do for your home and its re-sell value!
Sean S. Williams
Licensed Broker, Realtor®, ABR®, e-Pro®
1st Time Buyer & Relocation Specialist
of Louisville, Kentucky
"Eat. Sleep. Real Estate."
*Serving the Louisville, Kentucky & Surrounding Areas.
Trust in a dedicated Real Estate professional to cater to your needs.
Accredited Buyer Representative® , e-Pro®, First-Time Home Buyer Specialist & Louisville Relocation Specialist.
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