Any large repairs or improvements will provide some sort of added value, but normally not enough value to cover the overall cost of the project. For example, if you added a new swimming pool this summer for thirty thousand dollars, you may not see buyers viewing the home as worth another thirty thousand dollars.
See a list of common improvements and the estimated cost percentage that it adds to the value of the home.
Here are some good tips for quick improvements to your home.
1) Put your money where buyers will see it. Examples of good returns are simple curb appeal projects such as a fresh coat of paint and sprucing up your landscaping, front door and entry way. Don’t expect
to get as good a return on unseen items like insulation or new wiring.
2) Don’t over improve! The addition of a fifth bedroom to a house in a subdivision
of 3-4 bedroom homes may not give you the return you would like. Use typical
improvements for your area as a guide.
3) Most quality home improvements cause a property to sell quicker but not
necessarily for more money. A timely sale will lessen the carrying costs and
stress. Don’t underestimate the overall value of “smart” improvements.
According to Remodeling Magazine’s 2008-2009 survey, here are the average costs recouped on large improvement projects.
Project Job Cost Resale Value Cost Recouped
Attic Bedroom $47,931 $31,201 65.10%
Backup Power Generator $13,969 $6,715 48.10%
Basement Remodel $60,436 $39,431 65.20%
Bathroom Addition $37,567 $20,681 55.00%
Bathroom Remodel $15,753 $10,211 64.80%
Deck Addition (composite) $15,154 $10,465 69.10%
Deck Addition (wood) $10,378 $7,902 76.10%
Family Room Addition $80,624 $49,215 61.00%
Garage Addition $55,907 $34,759 62.20%
Home Office Remodel $28,054 $14,224 50.70%
Major Kitchen Remodel $56,307 $40,944 72.70%
Master Suite Addition $100,552 $60,525 60.20%
Minor Kitchen Remodel $21,185 $15,528 73.30%
Roofing Replacement $18,176 $10,256 56.40%
Siding Replacement (vinyl) $10,027 $7,449 74.30%
Sunroom Addition $71,173 $39,657 55.70%
Two-Story Addition $145,632 $94,414 64.80%
Window Replacement (vinyl) $10,518 $7,421 70.60%
Window Replacement (wood) $11,518 $8,246 71.60%
Any large repairs or improvements will provide some sort of added value, but normally not enough value to cover the overall cost of the project. For example, if you added a new swimming pool this summer for thirty thousand dollars, you may not see buyers viewing the home as worth another thirty thousand dollars.
See a list of common improvements and the estimated cost percentage that it adds to the value of the home at http://www.remodeling.hw.net/2008/costvsvalue/national.aspx
Here are some good tips for quick improvements to your home.
1) Put your money where buyers will see it. Examples of good returns are simple curb appeal projects such as a fresh coat of paint and sprucing up your landscaping, front door and entry way. Don’t expect to get as good a return on unseen items like insulation or new wiring.
2) Don’t over improve! The addition of a fifth bedroom to a house in a subdivision of 3-4 bedroom homes may not give you the return you would like. Use typical improvements for your area as a guide.
3) Most quality home improvements cause a property to sell quicker but not necessarily for more money. A timely sale will lessen the carrying costs and stress. Don’t underestimate the overall value of “smart” improvements.
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