The Value Of Home: Discussing Home Remodeling Costs
The importance of an object or a thing, determines how much love and attention it receives. So it comes as no surprise that our homes receive the love, attention and scrutiny that they do; after all, the home is sanctuary for a lot of people, to the point that some people consider any alterations to their home as sacrosanct.
Consequently, there is a lot of focus on the details of our homes. A good example is remodeling.hw.net’s Cost Vs. Value page, which, as its name implies, monitors the costs of home projects and compares them; listing the following:
- Project classification
- Job Cost
- Resale Value
- Cost Recouped
- Comparison to 2016
Trends show a general increase in cost, including bathroom alterations such as additions and remodels. For example, a bathroom has a lot of amenities that can be included, and, consequently, a lot of options to be considered. Do you want a bathtub? Is your shower framed or frameless? What furnishings would you put in your shower? Do you want chrome? Rose gold? Black chrome? These are but a few of the many questions one must ask in altering one’s bathroom, and that’s just the bathroom alone.
As mentioned, aside from cost and preference, the return value of a project is also important. CBS Money Watch once published an article discussing the “Top 10 remodeling projects for adding value to your home” back in 2014. Once again, to focus on the bathroom, which numbered 9 on the list, and the data marked as having a cost recouped percentage of 72.5% (midrange) and 63.6% (upscale) for 2014, followed by shows an increase in cost, which means a decrease in value, for the next 2 years, for 2017, the trend is showing a general increase in the value of remodeling one’s bathroom. Whilst the cost recouped in 2017 is only 70% (midrange) and 59.1% (upscale), it is only a 2.5% (midrange) and 4.7% (upscale) difference from the percentages of 2014. This shows a resurgence in the value that lies in remodeling one’s bathroom, meaning it might be time to consider whether or not you’re getting a frameless shower with antique copper furnishings.