Are you preparing a home for sale? Are you looking to upgrade the worn out surfaces and finishes; improve the livability or add some features. Are you remodeling because it is just time for a change? All of this work is certainly an investment, but are they worth the money?
Below is NARI’s (National Association of Remodeling Industry) 2018 Cost vs Value report that provides the most popular home improvement projects and gives and estimated ROI. Professionals in the industry ranked interior projects into two categories: appeal to potential buyers and added resale value. No surprise that a complete kitchen renovation with upgraded appliances and countertops and bathroom renovation where the highest on the interior list. New roofing, new vinyl windows and a new garage added the most resale value in the exterior category.
KITCHEN & BATHROOM
The report breaks out scope of work in the Kitchen and Bathroom by upscale and midrange.
Upscale Examples: High-end appliances, hardwood floors, custom cabinets, expanding square footage, high-end faucets, stone countertops, soaker tub.
Midrange Examples: Refresh paint, changing out countertops, new backsplash, replacing tile and light fixtures.
ADDING SPACE & CURB APPEAL
If you can do it, it’s always a good idea to add space. It could be a deck or doubling the square footage of the house. A study conducted by the National Association of REALTORSR revealed that “every 1,000 square feet added to a home boosts the sale price by more than 30 percent.” NAR’s report states that for about $11,300, an outdoor wood deck can enhance a backyard space with an ROI of 74.1 percent. In terms of curb appeal, replace a garage door has an ROI of 90.6 percent, while new vinyl windows provide 70.4 percent. A new front door, averaging $1,900, can quickly enhance a home’s aesthetic and return roughly 78 percent of your investment.
BASIC IS BETTER
NARI explains that you are more likely to recoup your investment on basic home-maintenance project than major remodel, because buyers won’t look past things like a leaking roof or unreliable furnace. Most professionals will tell you that you should add a new roof before you attempt to sell, which is an ROI of 61.8 percent. Other projects can also increase value significantly increase value. These include adding fiber-cement siding to ward off moisture, termines, and fire; replacing HVAC systems; converting a basement to a living space; adding hardwood flooring; and even renovating closets.
New paint, new shrubs, expanding a porch or knocking down walls, smart homeowners will spend their money and effort on projects that will add immediate value and can help close the sale when they are ready to move on.
Other Available Topics available upon request include:
Agent Interview Questions
47 Ways to Sell Quicker
Staging Priority Model
Things Other Agents Don’t Tell You (Appointment Required)
CALL TODAY and let’s talk about the right listing strategy for your home!
