Remodel Or Update Before Selling Your Home
One of the questions I get asked often by sellers is if they should remodel or update a kitchen or bathroom before selling. While there are never any guarantees that a seller will recoup the money spent, sometimes updating will be the best way to go over a complete remodel.
Here in the Portland Metro area, according to Remodeling"s Cost vs Value report for 2014, a minor midrange kitchen remodel (around $22K) can recoup 104% while a major kitchen remodel (around $62K) with only recoup 89%. An upscale major kitchen remodel (around $120K) fares a bit less at 79%.
When it comes to bathrooms, a midrange bathroom remodel (around $19K) will recoup 92% and an upscale remodel (around $57K) is estimated to recoup 81%.
Should you remodel or update before selling your home? Here are the *top three projects in the Pacific NW that are estimated to recoup the most:
- 1. Entry Door Replacement (steel): 113%
- 2. Deck Addition (wood) :109%
- 3. Tied for third: Minor Kitchen Remodel and Garage Door Replacement: 104%
The *top three projects that are estimated to recoup the least:
- 1. Tied for least recoup: Sunroom Addition and Home Office Remodel: 61%
- 2. Garage Addition: 72%
- 3. Backup Power Generator: 72%
Since there are also some variables to consider like location and your financial situation, it's a good idea to have a knowledgeable real estate agent out and discuss all of your options before doing any updates or remodeling if you're considering selling.
* Taken from the Remodeling"s Cost vs Value report for 2014 report