What is the biggest bang for your buck in home remodeling in Portland Oregon?
As a REALTOR® I often get asked this question when someone is thinking about selling their home. When you're listing a home that has had updates and some remodeling, it's important to know the costs that you'll be able to recoup in the best of cases.
Of course there are many variables on this. One being how long you've been in the home since these have been added as well as if you have many updates that price you out of a neighborhood. Others could be if you used specific material that might appeal to you specifically, but maybe not a great thing for the majority of buyers looking.
As an example, I've been in remodeled kitchens that have chosen a top of the line glass backsplash and granite counter tops, but they were in an odd green color that will appeal to some, but not most. When selling your home, you want to appeal to most.
According to the Remodeling 2010–11 Cost vs. Value Report (www.costvsvalue.com) the cost recoup value has gone down in every area as compared to the same report in 2009-2010.
What was the biggest bang for your buck you ask?
Well, in the mid range project category for the Portland Oregon area the top three remodels with the most cost recoup were:
1. Attic bedroom remodel @77.6%
2. Minor Kitchen Remodel @ 76%
3. Basement Remodel @ 74%
Surprisingly, a bathroom remodel only recouped 57.2% of its costs.
The least bang for you buck..or cost recoup in Portland were:
1. Back up power generator @36.7%
2. Sunroom Addition@ 38.1%
3. Home office Remodel @ 39.7%
I would have thought a sunroom addition would have been higher in Portland..go figure.
If you know you might be moving within the next three to five years and thinking of doing some updates or remodeling, you might want to stick with the mid-range project category instead of going all out to do an upscale remodel unless of course the home is in a very upscale neighborhood and price range that would demand this.You'll get a more of a cost recoup this way in the mid range.
If you have a feeling that your current home will be the one that you'll be enjoying for a very long time...then go ahead and put in those personal updates that have special significance to you. Otherwise, it would be good to stick with neutrals when choosing colors in tile for that remodel. I don't think that blue and pink tile of the 60's will be coming back anytime soon.
When selling a home that has been updated, it still doesn't affect the three most motivating factors of a home on the market. Price, Location, and condition. You can have the best looking house in the neighborhood, but if it's overpriced, on a busy road and shows messy, then no matter what updates and remodeling you do to your home...it will probably not help the sale as much as you think it will.
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