Cincinnati Real Estate

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Kathy S. Koops GRI

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2013 Remodeling Versus Cost Report for Cincinnati

filed under: Real Estate posted on February 25th, 2013

As the local Cincinnati real estate market  gains some momentum lots of sellers are jumping on the remodeling/updating bandwagon not only to increase the property’s value- but also to enjoy their castle.Remodel or Move

Friends, relatives and clients call wanting to know which upgrade has the highest dollar value when selling- my answer is almost always- the better question to ask yourself might be- am I upgrading for my own enjoyment or to add resale value? Perhaps the most important thing to remember when you’re thinking about upgrading or updating is to ask yourself “why”. If you are adding an ultra gourmet kitchen to a home in greater Cincinnati or West Chester and your current property is already more updated (read….you’ve already sunk a lot of money into remodeling and upgrades) the chance or recovering your investment in the short term is very questionable…..and in today’s real estate market, in spite of what you see on television,  that even modest remodeling jobs may not recover the total investment.

Since there’s no magic value wand to wave over the newly upgraded kitchen to determine value added- the next best thing is a Remodeling’s yearly report for our area and various cities throughout the US. The site also offers a lot of links to vendor and estimates for certain types of work-like painting.The graph below is an example of the information available at costvsvalue.com. which provide data not for our real estate market but also compares our region as well as national data.

Remodeling Cost vs Value 2013

Remodeling Cost vs Value 2013

The site also offers a lot of links to vendor and estimates for certain types of work-like painting.  As you can see recovering the total investment is not likely and I can tell you from personal experience the estimated prices for the job (ie: new front door, upgrading bathrooms) is usually lower than the actual costs. If your only looking for the best investment to sell then simple things like paint and carpet give your property a “newer look” and can have a huge impact on buyer perception when they view the property.

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