Let’s Talk Real Estate – September 2015
Our houses are also our homes, so we believe it’s important to be comfortable in your home and have it reflect your personality and your lifestyle. Remodeling your home to your personal likes is important, but it’s also important to look at how much certain remodeling projects yield at time of resale. Every year, the National Association of Realtors commissions a report on “resale value of remodeling projects.” These values vary throughout the country so the data below just represents results from Washington, Oregon, California and Hawaii.
Year after year, the most cost-effective remodels have to do with “Curb Appeal” and include replacing your front door, garage, or adding stone facing to give you the largest return on investment. You will get the lowest return on investment by adding a home office, sunroom or putting in that doomsday backup generator, so you may want to think twice if you’re about to embark on any of those projects.
If you’re thinking of remodeling to get your home ready for resale, the best thing you can do is to make your home uncluttered, depersonalized, clean and inviting. So take those pictures of you and your family off the walls, pack half your belongings, replace worn carpet, give your home a fresh paint job, spread fresh bark on flowerbeds, and add brightly-colored flowers in the entry!
For more details go to: www.remodeling.hw.net/cost-vs-value/2015.
Here is a quick recap of the Remodeling Cost vs. Value Report:
Highest Return
Project Job Cost Resale Value Cost Recouped
#1 Entry Door Replacement $1,366 $1,683 123%
#2 Garage Door Replacements $1,756 $1,929 110%
#3 Stone Veneer $7,258 $7,808 107.6%
#4 Minor Kitchen Remodel $21,497 $21,987 102.3%
#5 Deck Addition $11,685 $11,828 101.2%
#6 Window Replacement $12,489 $11,911 95.4%
Lowest Return
Project Job Cost Resale Value Cost Recouped
#1 Home Office Remodel $32,652 $18,364 56.2%
#2 Sunroom Addition $83,694 $47,488 56.7%
#3 Backup Power Generator $13,226 $8,985 67.9%
#4 Bathroom Remodel $45,635 $33,715 73.9%