According to Remodeling Magazine's 2010-2011 "Cost vs. Value Report," even despite the challenging economy, investing in your home still pays off at resale - and it doesn't have to cost a lot. The report also showed that home sellers consider first impressions to be a top priority, with 9 out of the top 13 projects being exterior replacements that contribute to curb appeal and help attract buyers.
Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top two projects were also the least expensive. A mid-range entry door replacement returns more than 102.1 percent of project costs upon resale, followed by a mid-range garage door replacement, at 83 percent.
While considered upscale, the third-best project, fiber-cement siding replacement, has been a consistently high performer, recouping 80 percent of costs this year, and also showing the smallest cost increase of any project (less than 1 percent).
The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.
Click here to access the "Cost vs. Value" website, where you can download data for 80 cities.
Some additional numbers for those of you who are wondering about kitchens and baths - - a minor kitchen remodel (refacing cabinets, changing out hardware, replacing oven and cooktop, changing countertops, painting trim and refreshing the floor) returns almost 73%. The addition of a deck also returns about 73%.
Surprisingly, according to this study a bathroom renovation returns only about 53%.
Please note that these numbers are based on national averages. I will admit that I have a hard time getting my head around these numbers - - I think there are too many variables... but I suppose that it's all relative. Projects that improve first impressions allow the biggest bang for the buck and kitchens are more valuable than bathrooms.
Visit Bedminster Real Estate to see what's selling in town - new kitchens and bathrooms or not!