Renovating Charleston, SC real estate can bring a property up to date while still keeping its historic charm. As a seller, you want to know how much such remodels cost and what return you'll get back when you sell the home. As a buyer, you want to find out how much dollar value an addition adds to the price of a property. The “2013 Cost vs Value Report” by Remodeling Magazine offers clues. Prices are averages for the city. Actual costs depend on materials and size of the redo.
Several utilitarian replacements give back more than the original cost starting with replacing a standard wooden entry door with one made of steel. It averages $1,071 to do but returns $1,232 or over 115 percent. Replacing an old 16-by-7-foot garage door with a modern version runs $1,436 in costs and gives back 105 percent, or $1,513. Adding a 16-y-20 wood deck costs $8,271 for a return of $8,616, or 104%.
Adding a full 6-by-8-foot bathroom returns only 71 percent, of $24,411 of its $34,026 cost. This includes a 30-by-60-inch fiberglas tub and shower with ceramic tile surround, cultured-marble vanity top with molded sink, standard chrome fixtures, ceramic tile floor and vinyl wallpaper. A major kitchen remodel gives back the same percentage of $36,258 of its $51,044. This assumes updates to a 200-square-foot space that includes a 3-by-5-foot island, laminate countertops, double stainelss-steel sink, and new appliances.
The most expensive addition is adding a 24-by-16-foot second story wing with a 5-by-8-foot bathroom, and a family room with fireplace on the first floor. It costs $140,869 and gives back $113,316, or 80.4 percent.
If you want to know more about how a remodel adds value to a home, or want help buying or selling property, please contact us.