Remodeling That Pays

One of the questions I get a lot is what type of remodeling brings the greatest bang for your buck.  Here are some ideas and statistics:

Remodeling That Pays

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 2002 survey by Remodeling Magazine and REALTOR® Magazine has the answer. To see the complete article, visit http://www.realtor.org/rmomag.nsf/pages/costvaluedec02

Project Amount You Recoup at Sale Average Cost
Bathroom remodeling 91 percent $22,639
Basement remodeling 79 percent $33,911
Master suite addition 77 percent $131,471
Bathroom addition 81 percent $37,639
Family room addition 79 percent $41,514
Roof replacement 67 percent $7,644
Siding replacement 79 percent $5,622
Window replacement 77 percent $15,502

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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About PortlandHouseListings.com - Tom Ramsey, local Realtor

Local Portland Realtor with 10 years experience specializing in residential sales and investment property. Tom Ramsey Oregon Real Estate Principal Broker John L Scott Real Estate Phone: 503-481-0501 tomramsey1@gmail.com www.PortlandHouseListings.com
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