In today’s economy, many sellers search for a way to make their home stand-out among others. In January 2011, REALTOR magazine partnered with Remodeling magazine to analyze the cost and value of making improvements to a home in order to prepare it for the housing market.
The article analyzes a variety of improvements with costs ranging from a national average of $1, 218 for an entry door replacement to a national average of $165,243 for a two-story addition. These numbers were obtained from HomeTech Information Systems. The company prepares estimates for different projects, as well as adjusting baseline costs depending on the region.
The Cost vs. Value Report notes that these numbers are accurate for the national housing market, it can be different for each and every house.
The second half of the report elaborates five first impressions that can make or break a buyer’s decision. The following improvements are considered smart upgrades for sellers:
1. Entry Door Replacement: As buyers step out of their car, one of the first things they will notice is the entry door. Make sure you pick an entry door that complements the house. Cost recouped: 67.8% for $4,040 job cost.
2. Garage Door Replacement: Do you use your garage as a workplace? Consider the options when replacing a garage door. An insulated garage door, with windows for natural light could encourage a buyer. Cost recouped: 96.4% for $1,514 job cost.
3. Siding Replacement: Research siding before making a decision and ensure that you are getting cement siding. Simply repainting siding can give a house a whole new look too. Cost recouped: 72% for $13,980 job cost.
4. Kitchen Remodel (Minor): Be cost-effective during a kitchen remodel. There is no need to go over the top for a sale. Laminate countertops or prefab granite, repainting cabinets, and doing some of the work yourself are easy ways to save yourself money while making improvements. Cost recouped: 84.1% for $23,603 job cost.
5. Deck Addition (Wood): Decks add a unique look to a house and can vastly improve the look of a backyard. Make sure it is done correctly to avoid drawbacks. Average return in San Francisco Bay Area: $1,871. Cost recouped: 86.5% for $13,827 job cost.
All of the improvements listed above are great options for making a great first impression to buyers. Surprisingly, the garage door replacement project had the biggest bang for the buck. Often, these changes make the difference between being able to sell your property or not in a tough market. REALTOR magazine provides advice on cost effective ways of getting your house ready to sell. For city reports on your area visit www.costvsvalue.com for more information, as well as other detailed reports.
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Need to find a contractor for a remodeling construction project? Get a contractor list of recommendations from The Look Team (Silicon Valley realtor professionals) by clicking “Find a Contractor” in the top navigation. Or, if you are interested in a complimentary 30-Minute Consult on getting your home ready to sell, call Kelsey Lane today to set a time: 408-316-0660, kelsey@kelseylane.com.
