As we head into spring many people in the Plano and Allen area begin to plan for remodeling projects and as Realtors we are often asked "Should we remodel or sell?" and we also hear "If I remodel what will give me the best return on my investment, if I sell?" The recently released report from the National Association of Realtors says "less is more".
The annual "Remodeling Cost vs. Value Report" provides estimated costs of 36 mid-range or upscale home improvement projects, along with the percentage of cost that owners can expect to recoup when they sell. Projects range from a new garage door to a master suite addition. The project costs were the results of a survey including 102 markets.
The report makes it clear that large scale jobs aren't likely to return the sellers their full cost. However there are some improvements worth doing when you are expecting to sell your home, and many of them will bring you almost 100% return on your cost.
Here are some general rules as you consider remodeling your home:
Simpler, lower-cost projects tend to return greater value. The national average cost for a steel door replacement was $1,230, for example. That’s the least expensive project on the list, and it ranks highest on the payback scale, returning 101.8 percent nationally on average. Other projects expected to top 100 percent payback in multiple markets: garage door replacement, wood window replacement, and the minor kitchen remodel.
First impressions are important. The replacements that offer the greatest payback are the ones that are most obvious to buyers when they first view a house in person or online, such as new door or garage door. Siding replacement also provides great value at resale.
Kitchens still offer the most remodeling bang for the buck. The only remodeling job breaking into the top 10 in terms of payback is the minor kitchen remodel with a national average cost of $19,226 and a national average payback of 79.3 percent.
To wrap up the report here are the top 5 projects on the national level in terms of cost recouped:
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement—mid-range (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement—upscale (82.5%)
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Getting you through the process is our expertise!
You can read the full report here