Industry News

Homeowners can profit from real estate remodeling

Bathroom, kitchen projects boost resale value

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Bathroom remodeling projects can pay off for homeowners, according to a report by the National Association of Realtors.   Many homeowners who complete midrange bathroom remodels can expect to make money – the cost on a national average for this project is $10,499 and the return is $10,727, or 102.2 percent, compared with 87.5 percent in 2002, according to the report, which the trade group published in Realtor Magazine. The report was also published by Hanley Wood LLC in Remodeling Magazine.   On average, major midrange kitchen remodels cost $43,862 and return $39,920, or 91 percent of the costs to remodel, up from 66 percent in 2002, according to the "Cost vs. Value" report.   Nationally, homeowners who add an attic bedroom spend an average of $39,188, and on resale, they recoup 93.5 percent of the cost. Master suites remodeling projects, which cost $137,891 on average, returns about $110,512 on resale, or approximately 80.1 percent of the remodeling expense, accor...