Retiring in Williamsburg Blog

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What Home-Improvement Projects Give a Williamsburg Homeowner the Best Return? (part one)

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You don’t just improve your homes for the return on investment (ROI); you spruce up your home to upgrade, update, or increase your living space. But will you be able to recoup the money you spent on improvements when you sell the house? And if you live in Williamsburg, Virginia how much will the value of your home increase if you make the improvements?

What improvements will  net you the biggest resale?

If you are trying to recoup your investment, you’ll want to start with the items that add the biggest bang for the lowest cost. For instance, if you turn your dusty old attic into a functional bedroom, expect to recoup about 73% of the project’s cost. Converting an attic costs more than replacing your front door (the number one recommendation in this year’s Top-10 Improvement List), but adding livable space to your home raises your appraisal value and may be what is best for your family, until you sell. If your goal is to update and sell your home within the next year or two, consider these tips:

  • Think “Curb Appeal” – the exterior can make or break a sale or offer.  According to the 2013 Cost vs. Value Report, starting with the front door – exterior projects are the most valuable.
  • Consider whether your home falls into the upscale- or midrange-home scale. For instance, an upscale home should invest in siding or a garage door and midrange homes should consider a steel front door or a deck addition

The following are your best choices for ROI for home-improvements projects in Williamsburg. (Readers Note: for the full list, visit Remodeling Magazine)

Top-10 Improvement List (midrange homes)

Project

Job Cost

Resale Value

Cost Recouped

Entry Door Replacement (steel)

$1,137

$974

85.60%

Deck Addition (wood)

$9,327

$7,213

77.30%

Garage Door Replacement

$1,496

$1,132

75.70%

Minor Kitchen Remodel

$18,527

$13,977

75.40%

Window Replacement (wood)

$10,708

$7,852

73.30%

Attic Bedroom

$47,919

$34,916

72.90%

Siding Replacement (vinyl)

$11,192

$8,154

72.90%

Window Replacement (vinyl)

$9,770

$6,961

71.20%

Basement Remodel

$61,303

$43,095

70.30%

Major Kitchen Remodel

$53,931

$37,139

68.90%

Top-10 Improvement List (upscale homes)

Project

Job Cost

Resale Value

Cost Recouped

Siding Replacement (fiber-cement)

$13,083

$10,379

79.30%

Garage Door Replacement

$2,720

$2,046

75.20%

Siding Replacement (foam-backed vinyl)

$13,818

$9,926

71.80%

Window Replacement (vinyl)

$13,055

$9,295

71.20%

Window Replacement (wood)

$16,361

$11,194

68.40%

Grand Entrance (fiberglass)

$7,088

$4,528

63.90%

Deck Addition (composite)

$34,403

$20,532

59.70%

Major Kitchen Remodel

$107,406

$64,113

59.70%

Bathroom Remodel

$50,007

$29,162

58.30%

Roofing Replacement

$33,880

$19,194

56.70%

Every home and neighborhood is different and my ear is very close to the ground, in Williamsburg; I am very familiar with whether your remodeling project will reap extra dollars for you or if it will help sell your home faster. Be an informed seller; contact me, today.

Have you liked us on Facebook, yet?

Rolf Kramer, REALTOR®, ABR, SRES, e-PRO  

757-564-4455

Licensed in Virginia

Liz Moore and Associates,

5350 Discovery Park Blvd.

Williamsburg, VA 23188

Williamsburg has become a Mecca for retirees over the past dozen years because of its history, charm, vacation amenities, proximity to major cities and airports, and affordable cost of living. Check out www.retiringinwilliamsburg.com for information about the Williamsburg community, lifestyles available, and search for homes for sale.

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Author: retiringinwilliamsburgrolfkramer

Licensed in Virginia with Liz Moore and Associates, 5350 Discovery Park Blvd, Williamsburg, VA 23188 Williamsburg has become a Mecca for retirees over the past dozen years because of its history, charm, vacation amenities, proximity to major cities and airports, and affordable cost of living. Check out www.retiringinwilliamsburg.com for information about the Williamsburg community, lifestyles available, and search for homes for sale.

4 thoughts on “What Home-Improvement Projects Give a Williamsburg Homeowner the Best Return? (part one)

  1. You have presented lots of valuable information. Thank you for including the the mid-range and upscale numbers.

  2. Pingback: Selling? What Remodeling’s Value is worth the cost? | Retiring in Williamsburg Blog

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