Factors Determining the Price of Remodeled Multi-family Housing

Abstract

Remodeling of multi-family house (MFH) has emerged as a major issue in the construction industry. Many decision-makers are struggling to determine whether to conduct a remodeling because of insufficient information including standard or method for projecting the price of their facilities after remodeling works. In this context, this research has conducted for analyzing how the price of the MFH is shifted by remodeling works. To achieve this research goal, (i) fourteen MFH remodeling cases were collected and (ii) price variation for the collected cases was analyzed in order to figure out how remodeling work affects the price of MFH cases. Finally, this research suggested the factors determining price of the MFH, wherein remodeling work has been conducted. From the results of this research, it is expected that the decision-makers can understand what is the crucial factors for determining the price of their MFH when they plans remodeling, and further this research can be a corner stone for developing a model for predicting the price of MFH if remodeling would be performed.