Annual Report of Cost vs Value on Home Remodeling Projects
Home sellers often spend some time considering selling their home before actually putting it on the market. It is common for sellers to contact their real estate agent to discuss what improvements could be done to their home to make it more appealing to home buyers as well as maximizing their selling price.
Realtor Magazine and the National Association of Realtors often conduct surveys among Realtors to compile a list of the remodeling projects that will give the sellers the most bang for their buck! This list can be wide and varied from year
to year. This year’s survey looks at the estimated cost and expected resale return of 35 mid-range and upscale remodeling projects in 80 markets.
More than 3,000 Realtors responded to the survey last summer and of the Top 6 projects with the highest return of value, 4 of them are exterior projects.
New fiber-cement siding: Cost $13,461; Resale Value is $10,493; Cost Recouped of 78%
Entry Door Replacement (steel): Cost $1,238; Resale Value is $903;
Cost Recouped 73%
Garage Door Replacement: Cost: $1,512; Resale Value is $1,087; Cost
Recouped 71.9%
Deck Addition (wood): Cost: $10,350; Resale Value is $7,259; Cost
Recouped 70.1%
In my next couple of posts I will continue exploring remodeling projects you may want to consider before selling your home. If you would like to discuss steps to take in advance of placing your home on the market, give me a call, I am happy to help!
Keller Williams Greater Cleveland, Carol Murphy Team
James Murphy
6:31 pm on Thursday, August 30, 2012
what is missing in the calculation is a enjoyment of use (getting the use of the item replaced until you sell) in which the fiber-cement would fall to the bottom of the list like a cement stone
C.Caspersen
9:52 am on Tuesday, September 18, 2012
Your local home improvement company, A. Caspersen Company can help you with all your remodeling needs!
Melissa Bysura
9:59 am on Thursday, September 27, 2012
This is funny to me since last year we completely remodeled our kitchen (brand new upgraded EVERYTHING, including cabinets, granite, stainless steel, etc.) and in 3 weeks we're having our siding, front door and roof replaced. A realtor told us at best we'd sell our house faster, but we wouldn't "recoup" a dime of it.