Best Home Remodels for the Albany Real Estate Market
If you plan on selling your house by yourself, then you need to know how much value any past or future home improvements can add to the asking price. From actual receipts or web research, you already have a handle on the cost of a remodeling job. To find out what it’s worth in the current Albany real estate market, check out the “2013 Cost vs Value Report” by Remodeling Magazine. Please remember that it only gives mid-range prices. Actual values can vary.
- To add a bathroom costs $39,661 for a 6-by-8-foot space that features a fiberglass tub/shower with ceramic tile surround, chrome fixtures, and a cultured-marble vanity top. It returns only $18,840 on resale, or 47 percent.
- A major kitchen remodel can cost $56,199 for updating a 200-square-foot space with semi-custom wood cabinets, a 3-by-5-foot island, and new appliances. This returns $34,725, or 61 percent.
- Adding a 24-by-16 master suite over a crawlspace costs $108,536, and gives back $62,696, or 57 percent. This includes a walk-in closet, a bathroom with a separate whirlpool tub and ceramic tile shower, carpeting in the bedroom, and ceramic tile in the bath.
- The biggest return of 83 percent goes to replacing an entry door with a 20-gauge steel version. It’s also the cheapest improvement at $1,166 and recoups $967.
The most expensive addition is a second story, which costs $159,561. It returns the highest dollar value of $98,087, which is only 61 percent. This includes a new family room on the first floor, a 24-by-16-foot second-story construction over a crawlspace, and a bedroom and bathroom on the new floor.