Cost and Value of 2014 Home Improvements

by staff on April 10, 2014

Home ImprovementsIf you could ask thousands of Realtors about which home improvements seem to really help a seller, you’d have a great cross-section of opinions based on firsthand knowledge.  Well that’s exactly what Realtor Magazine did.  And their most up-to-date responses might assist you in preparing your home for the today’s market.

If you’re considering the addition of an outside wood material deck ….. good choice.  That could bring you 87% of your costs when you sell (78% in our own Central VA region).  But if you use a composite material for a deck, you’ll recoup about 10% less.

And if you want to upgrade to an exterior cement siding product like Hardiplank … buyers like that, and you could regain 87% of that expense when you sell as well.

And oh, that ever-important front door impression… a new steel door can be worth a 96% recoup on your improvement.   Doors and windows in general are a good investment.  Garage doors, window replacements… all of these yield good returns.

Of course the resale value of repairs will vary from region to region, so it’s nice to use this link to research the Cost Vs. Value of repairs in specific areas of the country.    In Central Virginia results, the reports show that it pays for a seller to remodel/upgrade that bathroom, because it can bring in 110% of the cost of the project.  (We like our bathrooms!)

In general anything a seller can do to increase usable floor space, enhance windows and doors, or correct “issues” that might not appeal to the tastes of the next owner (like that pink living room)… it will have some measure of payback for the sale.  In upscale homes, a kitchen or a master suite or a major garage improvement should also yield a return.

The repairs that qualify more as “expense” rather than “investment” tend to include projects that are specific only to the seller’s needs…. like a different color of stove.   Often the seller becomes absorbed in personal projects that increase the value for THEMSELVES but they forget that a buyer might plan to remodel the whole kitchen or switch to gas cooking …. so those changes would have no value to the next guy.  Another example of that is a swimming pool, which many see as an asset and many others consider it to be a feature that needs to be eliminated.   Guess this is why they make menus!

.

Comments on this entry are closed.

Previous post:

Next post: