take KARE of your MONEY: Cost vs value remodeling
November 20, 2009 18:57 PM
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"So there were two bedrooms up here, but it was the kind where you had to crouch down if you were trying to get something on the side," homeowner Julie Wicklund said of her home in Minneapolis before it was remodeled. "We didn't want to price ourselves out of the neighborhood and do things that we wouldn't get our money back, but we wanted to make it something we really would enjoy during the time we were here."
For Julie, her husband David and their growing family, the answer was a second story.
"There's a serious benefit there, to have a nice house with enough bathrooms and bedrooms. Another family could look at it and still consider owning it themselves, but still has a backyard that they can send the kids out and play," Michael Anschel of Otogawa-Anschel Design-Build said. "The second story addition is nice because you can double the square footage of your home. "
And, according to the latest numbers from Remodeling Magazine, Twin Cities residents like the Wicklunds can expect to recoup about 66-percent of the money put into a project like this.
Click here to see the entire report.
That report by publisher Hanley-Wood shows an even better return-- as high as 70-percent-- on a basement remodel. It's another project where you keep the yard and add square footage.
"This particular basement is going to add over 800 square feet to the home," Jason Fabio of Ispiri Design Build Remodel said of a house in Minneapolis. "We're going to add a bathroom, bedroom, nice laundry room."
But what if you're looking to invest in a single room?
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