Posted on Tue, Mar 23, 2010
Posted by: Brian Ciota, Vice President
The majority of home owners view their home as their most important investment. We're always considering ways to improve our homes to accommodate our lifestyles. Popular remodeling projects include new kitchens with up-to-date appliances, luxurious bathrooms, home offices or media rooms. In Central New York, with our frequent cloudy days, many people add a sunroom to ease the drudgery of winter. Basement renovations add living space and improve a home's function. But which projects add value to a home investment when it comes time to sell?
If you are thinking about remodeling your home, take a moment to ask yourself the following questions:
- How long do I plan to own this property? (If you're planning to live in the home for less than five years, it may make sense to take on remodeling projects that freshen up the inside of the home and promote curb appeal.)
- How does the value of my home compare to other properties in the area? (Generally, a remodeling project that is less than 20 percent of the average resale value in your area can be recouped when your home is sold.)
- What do I gain by remodeling? (Many people remodel to enrich their lifestyle and enjoy their home. If you love to cook and entertain, a state-of- the-art kitchen will provide years of pleasure. If you're a wine connoisseur, a wine cellar and bar are "must haves". If you have a beautiful yard and want to bring in the outdoors, then add a sunroom. If these are the things that add pleasure to your life, go for it!)
According to Remodeling Magazine's 2009-10 annual report on the relationship between remodeling costs and resale value, different remodeling projects offer a wide range of payback. The table below compares remodeling costs to resale values in the Mid-Atlantic States (including New York):
| Project |
Avg. Cost |
Resale Value |
% Cost Recouped |
| Replace front entry door with steel door |
$1,248 |
$1,217 |
98 |
| Vinyl siding replacement |
$10,908 |
$8,920 |
81 |
| Fiber cement siding replacement |
$13,497 |
$10,710 |
79 |
| Foam-backed siding replacement |
$13,369 |
$10,489 |
79 |
| Vinyl replacement windows |
$11,408 |
$8,766 |
77 |
| Wood replacement windows |
$12,410 |
$9,248 |
75 |
| Attic bedroom addition |
$53,780 |
$39,292 |
73 |
| Minor kitchen remodel |
$22,130 |
$15,973 |
72 |
| Bathroom remodel |
$17,383 |
$11,817 |
68 |
| Major kitchen remodel |
$59,905 |
$39,860 |
67 |
| Basement remodel |
$67,455 |
$41,127 |
61 |
| Master suite addition |
$111,857 |
$67,612 |
60 |
| Deck addition (composite) |
$39,270 |
$22,584 |
58 |
| Sunroom addition |
$76,580 |
$38,661 |
51 |
The costs recouped on a remodeling project depend on a variety of factors including the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. If resale value is a factor in your decision to remodel, consult with a local remodeler about construction costs and look closely at the comps and market conditions in your area.
Posted on Tue, Feb 23, 2010
Posted by: Brian Ciota, Vice President
Home improvement specialists and realtors agree - one of the easiest ways to expand your home is to use the space in your basement. Basements generally contain large open space, which makes it perfect for creating a sizeable entertainment area, a guest bedroom with bath, a mini work-out area or even a secluded home office.
In Central New York we're seeing a lot of basement conversions that center around creating a highly functional entertainment area for family and friends - everything from wet bars and wine cellars to home theaters and saunas. And, homeowners are getting the most out of these areas by adding features that rival other areas of the house. For example:
- Wet bars often include amenities such as wine chillers, beer and soda taps, dishwashers, refrigerators, ice-makers, foot-rails, wood counters, granite counter tops, bottle chutes, glass holders and custom cabinetry.
- Media rooms have big screen or projection televisions, surround sound, special seating, sound-proofing and even popcorn makers.
- Work-out rooms include treadmills, weight lifting equipment and stationary bikes as well as a flat screen TV connected to a Wii.
- Bathrooms are usually added for convenience and the fact that they add value to the home, but many also include a steam room or sauna.
Basements can also be made to integrate with the main floor of the house by enhancing the appearance of the basement stairway.
This can be done by removing walls and opening up the stairway, or by replacing rails and stairs with higher quality materials.
One of the design challenges in basement remodeling is the lack of natural light. Many projects include the installation of egress windows to provide more light and an emergency exit. Egress windows are large basement windows that are partially set under grade level. They use a retaining system to hold back the ground and provide a means of exit in case of an emergency. New York State building code requires finished basements to have an emergency exit. Egress windows are not only attractive but they meet this state requirement.
When it comes to basement conversions, the possibilities are endless. The basement has evolved from a dark storage and utility area to a haven for family living. It can be one of the most cost-effective ways to increase living space since it doesn't require adding to your home's basic dimensions. And, it's a good investment. Here in the Northeast, we can expect more than 82 percent of the money invested in a basement conversion to be recouped when you sell your home.