Preparing your home for sale can seem a bit overwhelming. But it’s generally advisable to try to avoid costly remodeling projects like kitchen remodeling if you’re getting ready to sell. Why? Because most remodeling projects don’t return the value of what you spent when you sell.
Instead, focus on cosmetic projects and minor repairs that cost-effectively increase the visual appeal of your home (new coat of pain, planting flowers and shrubs, new window treatments).
According to a recent national Cost vs. Value survey, nearly ALL remodeling projects cost more than the value they add. But there are some projects that outperform others when it comes to adding value to your home. And it’s not just a survey making it true; we’ve seen several appraisals come in lower than the seller expected even after paying for a number of remodeling or repair projects done on the home.
Here are some sample remodeling projects from a national survey, along with their shocking return on value:
|PROJECT||JOB COST||RESALE VALUE||COST RECOUPED|
|Major kitchen remodel||$54,798||$41,033||74.9%|
|Master Suite Addition||$103,306||$68,251||66.0%|
|Garage Door Replacement||$1,544||$1,454||94.0%|
|Deck Addition (with wood)||$9,531||$11,137||116.8%|
|Entry Door Replacement ( with steel)||$1,148||$1,627||141.8%|
We’re NOT saying “don’t update your home” for sales appeal. If you have 20-year-old kitchen counters you should definitely consider updating them with granite, marble or Corian. If your master bathroom has old, leaky fixtures or seriously outdated tile then you’ll only help yourself by spending a little money to refurbish the look and feel of the bathroom. Just be very aware before you fling yourself into a full, costly remodeling project.
Call or email us for a complimentary evaluation of your property and our recommendation of the work you really should consider performing before you put your home on the market. We can also send you a FREE industry report showing resale values for several remodeling projects.