Remodeling Your Home - What brings Value

Reblogger
Real Estate Agent with Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC RB14037276

We always hear sellers share their ideas of home improvements that will increase the value of the home, but are way off on what it will take.  Joan Cox  breaks it down for those sellers in her blog.  This is great information to keep handy to share with your clients, when they are just remodeling, or inquire about what it will take to increase the value before putting it on the market.

Original content by Joan Cox DRE# ER40011786

Remodeling Your Home - What brings Value

 

 

In today's real estate market, many homeowners have made decisions not to move, and to remodel various parts of their homes.  The Home & Garden Show was just in Denver offering many wonderful suggestions!   There are projects that will add more value than others if and when you decide to sell.

 

Be careful not to remodel more than what your neighborhood will bear.   If you do, know that this updating is for your enjoyment, not necessarily for value.    Not every penny you invest into a remodel will be recouped when selling.

 

 

Here are some percentages of expected dollars to recoup:

Basement remodels - 60%

Bathroom remodels - 70%

Major Kitchen remodel - 70%

Minor Kitchen remodel - 80%

New Windows - 70%

Hardwood flooring - 65%

 

 

Some items are regarded as home maintenance - replacement of a furnace (this will add a bit of value), water heater, paint (interior & exterior) and carpet.       Elaborate landscaping will never see value, but only for your enjoyment.   Again, buyers will love it, but not considered as value.  

 

 

In past years in was tough to relay information to sellers that their remodel dollars were spent and see little on their bottom line, but not the case in today's market.     Those homes that are updated are going under contract much quicker and are more in demand.

 

  

 

 

 

 

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Metro Brokers - House to Home, Inc.House to Home

GRI, ABR, CRS, CNE, e-Pro  

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Joan@JoanCox.com

720-231-6373

 

Denver Real Estate

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Comments (16)

Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Having updated and modern features in the home you are selling will bring the highest price for sure. Best wishes! 

Mar 14, 2016 11:53 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thank you Larry for the re-blog, and hope your readers benefit.

Mar 14, 2016 11:57 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Larry. Good choice for a re-blog. Joan Cox is so right with the points that she makes. So many make bad choices when it comes to improvements before getting a home on the market.

Mar 14, 2016 07:37 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Good reblog - it's so true; remodeling can be great for those homeowners who are going to be using those updates for years to come, but not so great in terms of recouping all the $ when selling.

Mar 14, 2016 08:42 PM
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Larry. Joan is so good with this. If you over improve your home for its surroundings don't expect to get the money out. Good re-blog.

Mar 14, 2016 10:58 PM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Larry, I had read Joan's excellent post and good idea to re-blog so for folks can read it. 

Mar 15, 2016 05:46 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

This is good information for sellers. How many time do sellers think they will get  full investment back. 

Mar 15, 2016 07:54 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Larry good choice of blogs to re-blog.  Joan Cox did an excellet job on this blog.

Mar 15, 2016 12:47 PM
Joan Cox

Thank you George!

Mar 15, 2016 01:02 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is a good post to reblog. I hope others will read it.

Mar 15, 2016 09:07 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Excellent re-blog, Larry.  Joan does a good job explaining the value of remodels for potential sales value.

Mar 15, 2016 09:33 PM
Robert Bob Gilbert
Berkshire Hathaway HomeServices Anderson Properties - Katy, TX
Your Katy TX ( West of Houston) Real Estate Expert

Larry, Interesting a minor kitchen remoel has a better return than a major kitchen remodel. 

Mar 16, 2016 06:09 AM
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Joan wrote an excellent article about the cost vs value for her Denver Market.  Great post to reblog.

Mar 16, 2016 06:43 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Great choice for reblog as many home owners don't always think resale value.  Joan offers good advice in her post to not over price your home for the neighborhood.  Thanks Larry Johnston 

Mar 16, 2016 06:49 AM
Mike T Parson
Friends and Neighbors real estate - Goshen, IN
Real Estate Broker Goshen In

This is good information to know, especially for a new agent!

Mar 16, 2016 09:22 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Larry Johnston,  Great reblog of Joan Cox.  Some people waste money and expect full value back.

Mar 16, 2016 10:30 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Larry

I missed Joan's post so this was a great choice for reblogging. It's a question that gets asked often, and homeowners commonly assume they will get back what they spent, or more. And it's often something they factor into their pricing!

Jeff

Mar 16, 2016 11:49 AM