Home remodeling projects are a great way of making your home nicer to live in and, should decide to sell, more attractive to buyers.
For those planning to sell in the near future, making the decision to upgrade poses the obvious question as to how much of the investment cost will be recouped in the home sale.
There is, of course, no simple cookie cutter answer here. Crucially, remodeling work will make a positive change in the overall perception of your home among buyers. There's simply no reliable way to put a price on that and it can be a defining contrast with competing properties.
To help us all, however, Remodeling magazine publishes a comprehensive annual Cost vs. Value Report which compares average costs for 22 typical remodeling projects with the value those projects retain at resale.
Even better, the Report is split into regions, with often contrasting results around the nation.
Below is a list of how much cost these projects recoup, on average, in the Mountain region:
Manufactured stone veneer - 100%
Garage door replacement - 96.1%\
Minor kitchen remodel (mid range) - 79.4%
Siding replacement (fiber cement) - 78.6%
Window replacement (vinyl) - 76.6%
Siding replacement (vinyl) - 74.9%
Deck addition (wood) - 70.1%
Window replacement (wood) - 69.8%
Deck addition (composite) - 66.7%
Bath remodel (mid range) - 62.7%
Roofing replacement (asphalt shingles) - 61.6%
Roofing replacement (metal) - 61.1%
Bath remodel (universal design) - 60.7%
Major kitchen remodel (mid range) - 58.1%
Bath remodel (upscale) - 57.8%
Master suite addition (mid range) - 56.9%
Entry door replacement (steel) - 54.6%
Bathroom addition(upscale) - 54.1%
Bathroom addition (mid range) - 52.1%
Major kitchen remodel (upscale) - 51.2%
Master Suite Addition (upscale) - 50.8%
Grand entrance (fiberglass) - 48.4%
Clearly using an exterior stone veneer or changing a garage door are quite easy decisions. Kitchens are always an extremely important element of buyer assessment and we can see that minor changes to a mid range kitchen recoup almost 80%, while more major refurbishments have a poorer return on investment. By their very nature, upscale upgrades generally tend to do less well in the cost vs. value equation.
As in all these situations, it's important to remember that the actual assessment of whether or not to embark on a remodeling project when you're thinking of selling is very specific to the condition of the home and the likely expectations of buyers in terms of your asking price and other available homes in your area and market sector.
We hope these figures are helpful and we're always available to offer specific home staging advice if you're planning renovations. Why not call us on 435-327-2090 or click here.