- Dennis Norman
“The smartest home improvement investments may also be some of the least expensive”
Realtors® report that the smartest home improvement investments may also be some of the least expensive. Results from the “2009 Remodeling Cost vs. Value Report” show that small-scale exterior projects are the most profitable at resale, according to a report from the National Association of REALTORS(R) based upon estimates by Realtors® who completed a recent survey.
Less is More:
On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80 percent of project costs upon resale. A steel entry door replacement — a new addition to this year’s list — recouped 128.9 percent of costs, followed by upscale fiber-cement sliding replacements at 83.6 percent. Wood deck additions recouped 80.6 percent of costs.
You are not going to get all your money back:
Over the years I have seen homeowners make improvements, or do remodeling projects to their homes in anticipation of selling their homes and fulling expecting to, not only get everything they spent back, but in some cases even expect they will “profit” from the improvements they made as a result of the increased sales price. Unfortunately this is generally not true.
There are exceptions, of course. If your home has an issue that will prevent buyers from even looking at it (really bad curb appeal for example) or an issue that will “scare off” most buyers once they see it (structural issues, foundation cracks, termite damage,etc) then you may, in a sense, recoup all the money you spend correcting such a situation simply because your house may not sell at all without something being done.
My advice:
In general, for homeowners that are considering making an improvement to their home to enhance their enjoyment of it while at the same time want to be smart about their spending and make an improvement that a future homebuyer will value (and pay for) as well when the time comes to sell, then the Remodeling Cost vs. Value Report is a great place to start. From this site you can click on your state or region and see the average cost of various projects and the average value added by them. This will give you an idea of current homebuyer’s mentality and what improvements they appreciate and are willing to pay for.
Related posts:
It sure is good to get a bit of additional knowledge when renovating (or dreaming about it). If you want some expert tips, I also highly recommend checking Masterrenovator.com, the site is full of awesome tips for things that I never even thought of.
Kitchens are always a safe place to start, they usually are a main area of increased value for the home.
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In times of my house renovation,i do some of the work myself.Leave most to the contractors.The interior design is my job.Also,the paint was done by my relatives.
If you are planning to sell your home in the future.Home improvement will help in increasing the value of your property.Also,another way to get profit after remodelling is through renting where you can get a monthly income from your house.