Getting your house ready for the Market
Have you been waiting for the right time to put your home on the market? Or are you considering doing some remodeling projects around the house first?
Before starting any costly renovations, consider this: According to a published report in Realtor Magazine,"Remodeling Cost vs. Value Report 2006" in the average bathroom remodel only 71.8% of the money spent was recouped when the house was sold. Likewise, in the average major kitchen remodel only 69.1% was recouped.
As a general rule, stay away from any major remodels if you are planning on selling your home. Those costly projects should not be done to raise the sale price of your home.
There are some items, however, that can be done to maximize sales & profitability without breaking the bank. Most notably are cosmetic changes like keeping room colors neutral throughout the house, replacing out-dated carpet and just repairing cracks in ceiling or walls that may scare a buyer away.
Here are some more statistic from the December article "Remolding Cost vs Value Report 2006" published in the Realtor Magazine.
| | Remodeling Cost vs Value Report for 2006 | |
| | Published in the Realtor Magazine December of 2006 | |
| Magazine is Published by the NATIONAL ASSOCIATION OF REALTORS |
| | |
| | East North Central Region | |
| | IL,IN,MI,OH,WI | |
| | |
| | |
| | Additions | Job Cost | Resale Value Increase | Cost Recouped | |
| | |
| | MIDRANGE | | | | |
| | Bathroom | $30,586 | $20,284 | 66.3% | |
| | Deck | $15,081 | $9,594 | 63.6% | |
| | Family Room | $78,884 | $48,563 | 61.6% | |
| | Master Suite | $99,600 | $63,072 | 63.3% | |
| | Sunroom | $51,398 | $29,952 | 58.3% | |
| | Two-story | $109,987 | $78,424 | 71.3% | |
| | UPSCALE | | | | |
| | Bathroom | $63,072 | $39,948 | 63.3% | |
| | Master Suite | $182,817 | $116,126 | 63.5% | |
| | |
| | |
| | Remodels | Job Cost | Resale Value Increase | Cost Recouped | |
| | |
| | MIDRANGE | | | | |
| | Attic Bedroom | $46,867 | $32,688 | 69.7% | |
| | Basement | $59,622 | $37,369 | 62.7% | |
| | Bathroom | $13,574 | $9,742 | 71.8% | |
| | Home Office | $21,079 | $11,044 | 52.4% | |
| | Kitchen(major) | $56,277 | $38,884 | 69.1% | |
| | Kitchen(minor) | $18,454 | $13,802 | 74.8% | |
| | UPSCALE | | | | |
| | Bathroom | $39,846 | $26,860 | 67.4% | |
| | Kitchen(major) | $110,399 | $72,652 | 65.8% | |
| | |
| | |
| | Replacements | Job Cost | Resale Value Increase | Cost Recouped | |
| | |
| | MIDRANGE | | | | |
| | Roofing | $15,979 | $9,624 | 60.2% | |
| | Siding(vinyl) | $9,351 | $7,593 | 81.2% | |
| | Window (wood) | $11,714 | $9,174 | 78.3% | |
| | Window (Vinyl) | $10,753 | $8,751 | 81.4% | |
| | UPSCALE | | | | |
| | Roofing | $27,620 | $16,625 | 60.2% | |
| | Siding(fiber cement) | $13,352 | $10,559 | 79.1% | |
| | Siding(foam-backed vinyl) | $11,296 | $8,287 | 73.4% | |
| | Window (wood) | $17,718 | $12,883 | 72.7% | |
| | Window (Vinyl) | $13,928 | $10,132 | 72.7% | |
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