Home Improvement Projects that Payback at Resale

 

Ever wonder which home improvement projects add the most value to your home upon resale? This question is often posed to me by past clients, who are interested in improving their home and staying put for another 5-10 years, and then moving up. What you should do and how you do it depends a lot on how long you plan to stay in your home.

For instance, if you intend to stay in your home until the children are grown, gone and then some; do whatever you want (within reason). They’ll be enough time to recoup most of the cost of the improvements and then some! However, if moving is in the near future (3-5years), place your money where you will reap the most reward.

Most certainly, kitchen and baths are the best rooms to improve because they tend to be more costly and tedious to update. Buyers appreciate the updates and love to move in without planning any major projects (which these 2 rooms usually entail). Depending on the length of time you plan to stay in the home and the price range of your home, an upscale laminate may be just as desirable as solid surface or granite. Doing a minor kitchen remodel (new counters, flooring, appliances and paint) would be the best bet if you are not sure how long you will be staying in your current home or if you plan to sell soon.. Ceramic tile floors are a safe bet for both rooms.

Buyers are awed by contemporary in-style wall colors and floorings. Think top of the line if you are staying and want that for yourself; and a nice looking mid-grade improvement if you are not. It is clear that different projects do return different recoupment amounts as citied by the Remodeling Cost vs. Value Report 2010-2010.    According to the report, the 5 projects that bring the greatest return using the national averages are:

1. Entry Door Replacement (Steel) 102.1% return

2. Garage Door Replacement (Steel) 83.9% return

3. Siding Replacement (Fiber Cement) 80% return

4. Minor Kitchen Remodel (new door fronts & hardware, flooring, appliances, countertops) 72.8%

5. Deck Addition (Wood 72.8% return)

Interested in finding out Cost vs.Value for the Pittsburgh housing market area?  Check out the projects and returns specific to our area by clicking here.

The top 3 projects all contribute to an improved curb appeal in a big way too!  Complete data from the Remodeling 2010-11 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com.

Copyright 2010 Hanley Wood LLC Reprinted by permission