2015 Remodeling Cost vs. Value Report is out!
Retiring in Williamsburg is excited to share with you the figures from Remodeling Magazine in cooperation with National Association of REALTORS® and REALTOR® Magazine. All sellers wait with baited breath for this report – and now it is here. This report shows sellers which remodeling projects pay for themselves, insuring that sellers get top dollar for their listing.
All sellers are looking for ways to get top dollar for their listing and making smart choices about any remodeling before moving. As discussed before, thorough cleaning, replacing light bulbs, and staging make a big difference. But for some sellers, remodeling may be the ticket. Especially if you are trying to bring a property up to neighborhood standards before the Open House!
Smaller replacements, particularly enhancing curb appeal, remain the most cost-effective way to improve value
This Cost vs. Value Report provides estimated costs for 36 midrange or upscale home-improvement projects, along with the percentage of cost that owners can expect to recoup when they sell. Projects range from a new garage door to a master suite addition.
Large-scale jobs aren’t likely to return sellers full cost
Improvements worth doing will return near 100% of their cost. The only other improvements necessary are those that improve the market position of the property in relation to the competition (like an updated kitchen).
In general, replacements cost less and provide a bigger payback than remodels or additions
If you are planning on staying in the house for a few more years, consider one of the pricier projects that will recoup a good percentage of the cost while you enjoy the upgrade, yourself.
Good Examples of simpler, lower-cost projects offering a great payback (near 100%):
- Steel door replacement (in 43 of the 102 markets surveyed, REALTORS® said the new door would recoup MORE than 100%). 101.8%
- Midrange garage door replacement
- Upscale garage door replacement
- Midrange wood window replacement
- Minor kitchen remodel
- Manufactured stone veneer siding
Just how much money you get in payback will depend on your neighborhood and the quality of work; use the Cost vs. Value Report as a starting point in discussions as you are getting ready to sell your home. In 2015, when discussing remodeling cost vs. value, the long of the short is Less is More! To learn more and see all 36 projects broken down by our region and market area, visit Remodeling.
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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 retiringinwilliamsburg.comfor information about the Williamsburg community, lifestyles available, and search for homes for sale.