Which Los Angeles home remodels pay off?
I recently bought my first home and I have a list of many things I'd like to (eventually) improve in my home. In addition to making improvements that my family can enjoy, it is important to consider the return one will receive on their investment.
Remodeling magazine came out with their Cost vs. Value list comparing 2008 to 2007. According to Remodeling, Los Angeles midrange homes have seen a drop in cost recouped for all home remodels/additions. Upscale homes in Los Angeles have also seen a drop in all home improvements except for siding replacement & bathroom remodels.
Every home is different and must be evaluated as such. While the Cost vs. Value article is a great starting point, it is important to consider what improvements would make sense for your home. For example, if you have a 3 bedroom home with 1 bath, a 2nd bath addition should increase your home’s value significantly. While a 3 bedroom, 2 bath home would benefit from a family room addition.
If you have questions regarding what impact improvements will have on your home, please contact your Realtor (If you’re looking for a good one, I recommend Phyllis & myself ).
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3/6/2009 8:13 AM
Los Angeles Real Estate Blog wrote:
Remodeling magazine published their Cost vs. Value list comparing 2008 to 2007. According to their report Angelenos on average can expect to recoup 87% of the cost of their kitchen remodel. If you can afford it now is great time to remodel. Carpenters, electricians,plumbers etc. have slowed and are anxious for your business. Appliances are a high ticket item, but keep an eye on resale: luxury brands are suggested in high end homes. I recently learned that Viking offers a steamer/oven. There are always new appliances and several of the appliance dealers offer cooking ... -
3/6/2009 8:16 AM
Los Angeles Real Estate Blog wrote:
Remodeling magazine published their Cost vs. Value list comparing 2008 to 2007. According to their report Angelenos on average can expect to recoup 87% of the cost of their kitchen remodel. If you can afford it now is great time to remodel. Carpenters, electricians,plumbers etc. have slowed and are anxious for your business. Appliances are a high ticket item, but keep an eye on resale: luxury brands are suggested in high end homes. I recently learned that Viking offers a steamer/oven. There are always new appliances and several of the appliance dealers offer cooking ...
I have recently had granite installed on my kitchen counters and couldn't be more happier. I don't care if it improves the home value or not but it sure is easier to keep up. I am sure it will improve our property if and when we decide to put our home on the market.
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