May 27, 2014
It is fun to view the before and after on home remodeling shows. It seems the biggest appeal is updated kitchens – it is all about the “wow” factor! But when you are selling your home, it’s important to consider the Return On Investment. Cost versus value is a tricky thing. According to the National Association of REALTORS, “A house that sparkles on the surface will sell faster than its shabby neighbor, even though both are structurally well-maintained… Buyers feel more comfortable purchasing a well-cared for
The Remodeling 2012–13 Cost vs. Value Report (www.costvsvalue.com), outlines which project give you the most bang for your buck. I selected the top two for Mammoth Lakes based on the common feedback received from my recent buyers:
Entry Door Replacement: This simple update gives an average 60% return on investment and it is easy.
Minor Kitchen Remodel: Essentially this is a re-facing of the kitchen, keeping all the structure of the current kitchen, replacing cabinet facings (doors, drawers and hardware), updating counter tops, sink and faucet, new energy efficient oven and cook top, as well as repainting. This “minor” kitchen remodel could reap a 75% return.
Minor Bathroom Remodel: Just like the kitchen, this is a re-facing of the bathroom, keeping all the structure of the current bathroom replacing cabinet facings (doors, drawers and hardware), updating counter tops, sink and faucet, updated shower/tub as well as repainting. This “minor” bathroom remodel could reap a 80% return.
Bottom line, your remodeling plans need to be something that will make you happy now as well as help you sell later because in most cases you won’t get 100% of your investment back. When considering these renovations for resale value, it’s even more important to discuss with your local real estate professional and licensed contractor. They have the best grasp of what you can gain based on the renovation and the buyers market in your area.
Source: The Real Estate Book
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