In this highly competitive buyers market sellers are looking for ways to improve their chances of selling their home. Faced with the reality of having to perhaps either take a lower price for their home or have it languish on the market, sellers are looking for ways to ensure that theirs is the home that sells. One of the routes that they take is making an improvement or taking on a remodeling project.
One of the first facts that many home owners do not realize is that most remoldeling projects do not bring a 100% return on the investment. In reality a project with an 80% return is considered a good improvement. Of course you should not lose sight of the fact that many improvements will make the home more appealing to buyers with the result of a faster sale, but not necessarily for a proportionately higher price.
Recently "REALTOR Magazine" and "Remodling Magazine" gave their top projects that gave the biggest return for the investment.
!. Replacing exterior siding with upscale siding such as "hardiplank" rated an 88.1% cost return.
2. Adding a wooden deck - 85.4% return.
3. A minor kitchen remodel with new cabinet fronts, new appliances such as stainless steel, floors (in our area ceramic tile is popular) and countertops (granite is currently popular)- 83% return.
4. Replacing windows (wooden windows) - 81.2% return. Replacing with high quality vinyl windows brings an 81% return.
5. A midrange bathroom remodeling - 78.3%. More upscale bath remodeling projects did not bring as high a return.
The biggest factor to consider before beginning a remodeling project is whether it is something that you will enjoy if you decide to remain in the home.