Top 10 Remodling Projects For Your Money.

Reblogger
Home Stager

 

Remodeling Magazine prints this great Cost vs. Value report every year.  I refer to if often in my seminars. When preparing a home for sale, stick to the minor repairs and updates and save the major renovations for your buyer.  George Souto of McCue Mortgage does a great job explaining why .... a dollar invested does NOT always equal a dollar retuned.

Homeowners should keep resale value in mind when making any and all renovations - even if they think they won't be selling any time soon.  Situations can change quickly and that improvement you're considering might not add the value you think it's going to. Or worse - it might make the house more difficult to sell.

It's painful to hear that your 3 bedroom raised ranch is not necessarily worth an additional $50,000 more than other 3 bedroom raised ranches on your street - even with it's newly renovated $50,000 gormet kitchen.  There is a real danger in OVER-improving for your neighborhood.  Check out the Cost vs. Value report and see what kind of return on your home improvement investment you can expect in your region of the country.

 

Original content by George Souto NMLS #65149

At McCue Mortgage we come out with a Newsletter once per quarter.  In our newest Newsletter one of the articles that we had in it particularly stood out for me, because of the series of blogs that I just completed on the new Connecticut Housing Finance Authority (CHFA) FHA 203K Loan Program. The article listed the "Top 10 Remodling Projects For Your Money"

When making renovations to a house it is good to know what the increase in value to the house is expected to be.  Most people think that for every dollar of improvements that they make that they will receive an equal increase in value in the house, but as you can see from the chart below that is not the case.  The information below was provided by "Remodeling Magazine" in their "Remodeling Cost vs Value Report.

 

I was surprised to see that the #1 return on value was an "Entry Door" which is the least costly item on the list.  If you are selling your house and thinking of making some improvements to it to be able to sell it for a higher amount, you might want to refer back to this list before you make that investment.

 

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Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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Ready2Sellin30Days

Karen Bernetti is a Real Estate Stager, Former Realtor®, Author, Speaker, and Owner of Staging4Smooth Transitions - specializing in assisting seniors with their downsize moves and offering Home2Home Transitions seminars. Karen is also the Social Media Manager and Administrative Coordinator for Prudential CT Realty, in Madison, CT and Co-creator of the Ready2Sellin30Days System - an interactive multi-media program teaching do-it-yourself homeowners EVERYHTING they need to know about preparing a home for sale. Stay up to date on the latest staging and home decor trends by visiting Karen & Ann's Home Sale Success Blog.  

 

Comments (6)

George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Karen it is very hard some times to convince some homeowners that their house does not increase the same amount in value for every dollar they put into it.  Worst yet some of them actually think that they will get more of a value than the amount that they put into it.

Thank you for the reblog :)

Jul 19, 2011 07:09 AM
Ellen Caruso
Daniel Gale Sotheby's International Realty - Glen Head, NY

Karen, great info...#1 also shocked me! My husband once said although we travel in the summer and don't need a pool, he'd put one in before we decide to sell to enhance the value. I said for the hassle it will cause, and what if its not a style they like, your better off not putting it in!

Jul 19, 2011 01:05 PM
Karen Bernetti
Southington, CT

George - you're welcome!

Ellen - I wouldn't recommend installing a pool for resale reasons.  Pools are nice for some, but not for others.  I agree - let your buyer decide if that's something they want.

Jul 19, 2011 02:21 PM
Christine Smith
Buyers Brokers Only LLC - www.BuyersBrokersOnly.com - Canton, MA
Exclusive Buyer Agent & Attorney, Canton, MA

Very timely posting!  We just had the siding replaced on our house....AND are in need of a new garage door so good to have those ROI numbers!  As for the entry door....we already have a nice one!

Jul 19, 2011 03:22 PM
Barbara Altieri
Better Homes and Gardens RE Shore and Country Properties - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Karen -- I reblogged George's post as well but I love your cost vs. value link. That shows midrange as well as upscale remodel returns.  Thanks for the info! 

Jul 19, 2011 03:49 PM
Karen Bernetti
Southington, CT

Chrsitine - your homes sounds perfectly lovely! 

Barbara - I stumbled upon George's post thanks to your re-blog actually so thank YOU!

Jul 19, 2011 05:01 PM