New Kitchens Help Sell Homes, But New Roof & Windows Get Better Return

The National Association of REALTORS® (NAR) just released it’s 2017 Remodeling Impact Report, in which they rank Kitchen Renovation and Upgrade at the top of their list for appeal to buyers as well as for most likely value to the home for resale.  Next on the list, in both categories, was Bathroom renovation.

According to the report:

  • The average cost of a kitchen upgrade was $35,000 and, on average, added $20,000 to the value of the home, for a recovery rate of 57% of the cost.
  • The average cost of a complete kitchen renovation was $65,000 and, on average, added $40,000 to the value of the home, for a recovery rate of 62% of the cost.

Exterior improvements appear to be the better investment, however, with a New Roof ranking #1 on the list for both buyer appeal as well as increasing resale value, followed by New Vinyl Windows.

According to the report:

  • The average cost of a New Roof was $7,500 and, on average, added $8,150 to the value of the home, for a recovery rate of 109% of the cost.
  • The average cost of New Vinyl Windows was $18,975 and, on average, added $15,000 to the value of the home, for a recovery rate of 79% of the cost.

Click HERE to view, or download, the complete 2017 Remodeling Impact Report

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Home Improvements That Bring The Highest Return On Sale

Where do you get the most bang for your buck when it comes to remodeling or making improvements to your home?  Homeowners make many improvements and upgrades to their home simply because they want the added enjoyment or comfort they receive as a result, however, other homeowners, particularly those contemplating a move in the future, also focus on the investment aspect of the improvement.  Under normal conditions, I don’t know of an improvement you can make to a home that, if you sell the home, will bring you 100% return on your investment, meaning if you spent $10,000 on the improvement, your home will sell for $10,000 more than had it not had the improvement.

However, there are some home improvements that bring a good return on the investment: For example, here in the west north central region, upgrading insulation, which an average project cost of $1,340 brings an 89.1% return on the investment, increasing the value of the home by $1,193, according to the Remodeling 2017 Cost vs. Value Report (www.costvsvalue.com) .  Other projects bringing the best return on investment, according to the report, are:

  • Minor Kitchen Remodel (cost $21,213, return $15,845 (74.7%)
  • Manufactured Stone Veneer  (cost $7,903, return $5,860 (74.1%)
  • Entry Door Replacement (steel) –  (cost $1,423, return $1,026 (72.1%)
  • Siding Replacement   (cost $14,948, return $10,297 (68.9%)

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Top 100 web sites for do it yourself home improvement

chase-gentry-100-top-home-improevement-sites

Are you ready to tackle that bathroom renovation you’ve been putting off? Before you pick up the phone and hire a contractor, why not save some cash and try your hand at it. Considering the cost of renovations for homeowners, DIY has gained popularity. The following list, created by Construction Management Degree.com, contains 100 of the top DIY websites to help guide your home improvement projects, in no particular order. We arrived at this list through our own research, and for the benefit of our readers. The list is organized by area of the home including; General Remodeling, Interior Decorating, Kitchen and Bathroom, Office and Workspaces, Landscaping and Exterior, Basement, Storage, and Closets. Continue reading “Top 100 web sites for do it yourself home improvement

Remodeling report shows which projects bring most return

Dennis Norman St LouisThe National Association of REALTORS (NAR) published its’ “Remodeling Cost vs. Value Report” for this year and in it rated exterior replacement projects among the most cost-effective home improvement projects. This reinforces something most REALTORS will tell you which is that a homes curb appeal plays a significant role in the sale of the home. Continue reading “Remodeling report shows which projects bring most return

Not All Home Improvements Lead to Higher Value

Dennis Norman

Homeowners looking to upgrade or sell their home this spring should realize that not all remodeling and renovation projects will yield a full return on their investment, the president of the Appraisal Institute said today.

“When it comes to home improvement projects, especially in today’s economy, not every renovation or remodeling effort will pay off when the owner sells their home,” said Appraisal Institute President Leslie Sellers, MAI, SRA. “Consumers need to be aware that cost does not necessarily equal value.”

For consumers looking to upgrade and possibly sell their houses this spring, Sellers has put together a quick list of advice that real estate appraisers often share with homeowners:

  • Emphasize the essentials over the extras by investing in basic upgrades, such as fresh paint (use neutral colors) and new fixtures.
  • Know that curb appeal is vital; exterior projects can sometimes provide a greater return on investment than interior projects.
  • Avoid over-improvement by sticking to what’s proportional in your neighborhood.
  • Consider adding a bathroom, bedroom or renovating the kitchen, which are appealing features for home buyers.
  • Projects that add square footage to bring a house up to – but not significantly beyond – community norms typically yield good returns.

Sellers also recommends that homeowners who are serious about knowing their home’s value hire a professional real estate appraiser. Appraisers can help by providing honest, ethical valuation advice regarding which renovation projects will yield the greatest return on investment.

The appraisal institute has a handy online resource for locating an appraiser in your area.  You can access the site by clicking here.

The appraisal institute also has a brochure available that gives useful tips to help homeowners decide which remodeling or renovation projects will rturn the best value.  To download this free brochure click here.