Remodeling That Pays

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Upgrading your home is always appealing, but which enhancements really get you a good return for your money when it’s time to sell? A 2003 survey by Remodeling Magazine and REALTOR® Magazine has the answer.

 

2003

2002

Variance

Bathroom Remodel    

Midrange

89.3%

87.5%

8.3%

Upscale

92.6

91.0

8.6

Bathroom Addition

Midrange

95.0

94.2

4.7

Upscale

84.3

81.4

2.8

Major Kitchen Remodel

Midrange

74.9

66.6

8.3

Upscale

79.6

79.8

-0.2

Master Suite

Midrange

76.4

75.1

1.3

Upscale

76.9

76.8

0.1

Family Room

Midrange

80.6

79.5

1.1

Deck

Midrange

104.2

N/A*

N/A*

Basement Remodel

Midrange

79.3

78.7

0.6

Siding Replacement

Midrange

98.1

79.1

19.0

Window Replacement

Midrange

84.8

73.8

16.6

Upscale

87.0

77.0

26.7

Attic Bedroom

Midrange

92.8

N/A*

N/A*

 

Twelve Tips for Hiring a Remodeling Contractor
  1. Get at least three written estimates
  2. Get references and call to check on the work. If possible, go by and visit earlier jobs.
  3. Check with the local Chamber of Commerce or Better Business Bureau for complaints.
  4. Be sure that the contract states exactly what is to be done and how change orders will be handled.
  5. Make as small a downpayment as possible so you won’t lose a lot if the contractor fails to complete the job.
  6. Be sure that the contractor has the necessary permits, licenses, and insurance.
  7. Be sure that the contract states when the work will be completed and what recourse you have if it isn’t. Also remember that in many instances you can cancel a contract within three business days of signing it.
  8. Ask if the contractor’s workers will do the entire job or whether subcontractors will do parts.
  9. Get the contractor to indemnify you if work does not meet any local building codes or regulations.
  10. Be sure that the contract specifies the contractor will clean up after the job and be responsible for any damage.
  11. Guarantee that materials used meet your specifications.
  12. Don’t make the final payment until you’re satisfied with the work.
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Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . Copyright 2003. All rights reserved.
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