Remodeling your home is a big investment, and there are many questions to ask when making the decision. How much should you spend on your kitchen or master bathroom? What can you afford to renovate now, and what can wait for later? Will higher quality materials and appliances be a worthwhile investment? As you look at project costs, you may wonder how much value you’ll be getting. Is remodeling worth it?
The 2021 Cost vs. Value Report from Remodeling Magazine (www.costvsvalue.com) can help answer this question. The report contains national and local averages for both job costs and resale value in a variety of home projects. Here is a look at the Milwaukee area data for kitchens, master suite additions, and bathrooms, which are some of the most popular renovations.
In Southeastern Wisconsin, the average cost of a kitchen project ranges from $25,000 for minor, midrange work, to $146,000 for a major, upscale remodel. You can expect 77% of the cost of the minor project to be recouped in the resale value. A major, upscale kitchen remodel will have 62% of the cost recouped.
MASTER SUITE ADDITIONS
Adding on a master bedroom suite in our area will have an average cost range of $158,000 for midrange, to $322,000 for upscale. You’ll see about 57% of the cost recouped for the midrange project, and 48% recouped for the upscale project.
The average cost of a bathroom remodel in Southeastern Wisconsin ranges from $24,000 for a midrange project to $75,000 for an upscale project. Cost recouped on the midrange is 69%, while upscale will recoup 62%.
The high resale value of these remodeling projects in the Milwaukee area is well above national averages, for a great return on investment.
Is remodeling worth it? In the end, perhaps resale value is not the most important factor in determining the answer. Remodeling is about more than money; it is about having the home you need and want, a home that is safe and that suits your lifestyle. At Dimension Design-Build-Remodel, Inc., the end results will always be worth the cost. That is our mission: to deliver an exceptional remodeling experience and lasting value to your home.
You can count on Dimension’s skilled team of professionals to provide the highest level of service throughout the remodeling process. To arrange an appointment, call 262-402-6602 or complete our contact form to get started.