Question: I am planning a major remodeling project on my home, and am interested to know what my recovery costs on this project would be if I decide to sell the home within the next year or two.
Answer: Earlier this year, Remodeling World magazine made a study of recovery costs for various remodeling projects on a short-term basis. It must be remembered that this was based on an average, 17-year-old home, that these are national averages and do not necessarily apply to all types of remodeling in California. However, it is probably a good rule of thumb. Here are their figures for recovery costs:
--Room addition, 55% to 60%.
--Adding a fireplace, 133%.
--Major kitchen remodeling, 60% to 80%.
--Minor kitchen remodeling, 80% to 90%.
--Remodeling a bathroom, 40% to 50%.
--Adding a full bath, 100% to 130%.
--Changing windows and doors, 50% to 70%.
--Adding insulation, 70% to 85%.