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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Do You Need a Building Permit for That?

St Louis Home Inspectors Gerry LoeschWhen are building permits needed?
That is the $64,000 question. First it may be good to discuss the reason for building permits.  Building codes list their intent as “ to insure public safety, health and welfare insofar as they are affected by building construction,…..” The major reason for permits is to therefore, provide safe and sanitary buildings. We have all seen where “Tommy Homeowner” thinks he can do anything and in turn creates problems for himself and any future home owner that may occupy the premises. The building permit process allows the local authority to review what work is planned, check the work is in progress before all the changes are completed to be sure that safe, sanitary and proper procedures are performed in the building/remodeling process. The second reason, albeit less important, is that it allows the governing authority to adjust you property values to be current with the value including any improvements.

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