In your Metro Denver luxury home search, you may come across outstanding home improvements that add value to a purchase. Or as a homeowner, you may be thinking of remodeling your home but want to know if it will pay off when you sell.
In both cases, Remodeling Magazine offers some actual numbers in their “2013 Cost vs Value Report.” It lists the average prices and resale returns on common high-end remodels. Your actual amounts will vary according to materials used, size of the improvement, and location of the home.
The highest return on investment belongs to vinyl window replacements, which gives back 73.9 percent, or $11,417, of their initial $16,226. This assumes changing 10 existing 3-by-5-foot double-hung windows to insulated vinyl versions with a wood-grain interior finish. Using wood replacements yields the next highest return of 70.4 percent, or $11,417, of its $16,226 cost.
The highest dollar value goes to a master suite addition, with a return of $117,207, or 54.1 percent, of its $216,668 cost. This covers a 32-by-20-foot room that includes a sitting area, custom bookcases with millwork details, high-end gas fireplace with stone hearth, and a large walk-in closet. The attached bathroom boasts a corner whirlpool tub, a large walk-in shower with dual fixtures, stone shower walls and floors, granite or marble vanity tops, and a one-piece luxury toilet partitioned in its own section.
A major kitchen remodel offers the next highest value of $62,721, or 59 percent of its original $106,309. This includes 30 linear feet of high-end custom cherry cabinets in a 200-square-foot space, stone countertops with imported ceramic backsplash, built-in refrigerator and 36-inch commercial grade range, combination microwave and convection oven, and designer faucets over a high-end undermount double sink.
For more information on how luxury remodels can add value to a house that you’re selling or buying, please contact Metro Denver Luxury Homes.