You love your home. The number of bedrooms and square footage seems just right for your family. Still, you’ve always wanted to update certain parts of the interior. But you have no idea how much such renovations cost and, more importantly, whether you’ll recoup any of the investment when you sell your property.
The “2015 Cost vs Value Report” compiled by Remodeling Magazine can offer some guidance for popular remodels in Rhode Island, specifically in Providence. Note that the following are just averages for upscale renovations. Your actual amounts will vary depending on the materials used and the amount of work done.
- A master suite edition has the highest job cost at $242,141 and returns 66.8 percent, or $161,741 on resale. This assumes adding a 32-by-20-foot master bedroom over a crawl space and includes a sitting area, a high-end gas fireplace with stone hearth, a large walk-in closet, a large walk-in shower with stone shower walls, corner whirlpool tub, and two sinks on a stone-countertop vanity.
- Second on the expense list is a major kitchen remodel, which costs $116,146 and returns $77,714, or 66.9 percent. This assumes upgrading a kitchen measuring 200 square feet with 30 linear feet of custom cherry cabinets, stone countertops with a backsplash of ceramic or glass tile, top appliances such as a 36-inch commercial grade range, cork flooring, and cherry trim.
- Adding a full bath average $78,454 and recoups 59.7 percent, or $46,821. This assumes a new 100-square-foot master bathroom added to an existing master bedroom. Included are a neo-angle shower with ceramic tile walls, body sprays, frameless glass enclosure, customized whirlpool tub, stone countertop with two sinks, and large ceramic tiles on the floor with ceramic tile base molding.