Louisville Home Improvement Costs vs. Values for 2010
Posted by Tre Pryor, Editor-in-Chief on December 12, 2010 in Home Improvement tagged with cost vs. value, home improvement projects, National Association of Realtors
For the past three years we’ve published the Remodeling Cost vs. Value data for Louisville remodeling projects. For reference, I’ll link them up for you here.
- Home Improvement Costs vs. Values for 2009
- Home Improvement Costs vs. Values for 2008
- 2007 Home Improvement Values, Louisville KY vs. Nation
Looking at this year compared to last, it appears that values are down across the board. That’s the bad news. The good news is that home improvement projects cost less in Louisville when compared to national averages and they return a great value to the home value. That’s pretty healthy!
Costs Recouped for Additions
| Additions | National | Kentucky |
| Attic Bedroom Addition (midrange) | 72.2% | 77.8% |
| Backup Power Generator (midrange) | 48.5% | 55.4% |
| Bathroom Addition (midrange) | 53.3% | 58.4% |
| Bathroom Addition (upscale) | 53.0% | 58.2% |
| Deck Addition – Wood (midrange) | 72.8% | 74.6% |
| Deck Addition – Composite (midrange) | 66.2% | 67.8% |
| Deck Addition – Composite (upscale) | 57.7% | 58.5% |
| Family Room Addition (midrange) | 62.5% | 66.0% |
| Garage Addition (midrange) | 59.2% | 64.1% |
| Garage Addition (upscale) | 53.6% | 58.8% |
| Master Suite Addition (midrange) | 63.0% | 68.8% |
| Master Suite Addition (upscale) | 52.7% | 57.3% |
| Sunroom Addition (midrange) | 48.6% | 55.4% |
| Two Story Addition (midrange) | 65.0% | 72.2% |
So looking strictly at the biggest bang for your buck, adding a new wood deck to your Louisville home will return 74.6% of the costs towards resale value.
Costs Recouped for Remodels
| Additions | National | Kentucky |
| Basement Remodel (midrange) | 70.0% | 76.1% |
| Bathroom Remodel (midrange) | 64.1% | 68.9% |
| Bathroom Remodel (upscale) | 57.2% | 64.0% |
| Home Office Remodel (midrange) | 45.8% | 51.3% |
| Major Kitchen Remodel (midrange) | 68.7% | 72.6% |
| Major Kitchen Remodel (upscale) | 59.7% | 60.5% |
| Minor Kitchen Remodel (midrange) | 72.8% | 77.1% |
For most items, a minor remodel receives a greater return on investment. This is also true when looking at the amount of money being spent; midrange quality remodels return a higher percentage than upscale. Keep this in mind if you’re planning on selling your Louisville home in the near future.
Here the big winner for Louisville is the midrange basement remodel.
Costs Recouped for Replacements
| Additions | National | Kentucky |
| Entry Door Replacement (fiberglass) | 60.0% | 70.1% |
| Entry Door Replacement (steel) | 102.1% | 99.9% |
| Grand Entrance Replacement (upscale) | 64.7% | 72.5% |
| Garage Door Replacement (midrange) | 83.9% | 92.2% |
| Garage Door Replacement (upscale) | 69.8% | 73.6% |
| Roofing Replacement (midrange) | 59.5% | 62.1% |
| Roofing Replacement (upscale) | 55.5% | 58.0% |
| Siding Replacement – Vinyl (midrange) | 72.4% | 85.0% |
| Siding Replacement – Foam-backed Vinyl (upscale) | 72.4% | 85.9% |
| Siding Replacement – Fiber-cement (upscale) | 80.0% | 88.1% |
| Window Replacement – Wood (midrange) | 72.4% | 80.0% |
| Window Replacement – Vinyl (midrange) | 71.6% | 78.4% |
| Window Replacement – Wood (upscale) | 67.5% | 72.5% |
| Window Replacement – Vinyl (upscale) | 72.6% | 85.2% |
You can’t go wrong replacing the front door on your Louisville home with a brand new, steel entry door.
That is very interesting. I wonder if 2011 will be as volatile as 2010? Rates are still near all time lows. Houses are still appraising for purchases while refinance appraisals are much more subjective. Credit score requirements are holding at 640 for FHA and 620 for Rural Development. Let’s hope 2011 is a great year for the Real Estate Industry!
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[...] » Best Strategy: Ask a trusted real estate advisor which updates will give your Louisville home the best bang for the buck. Example, replacing your front door continues to rank the highest return on investment for home improvements. [...]