Renovation info

By
Home Stager with Twiques: The Art of Home Comfort

Every year people begin to look at their homes and many times decide they need to upgrade, re-do or renovate their space.  Many things need to be considered before beginning what can often be a headache for many homeowners.  One of the considerations homeowners take into account is the return on their investment (ROI), especially if they are considering selling. 

                 As homeowners consider selling they are torn between spending money on a house they are preparing to leave.  Homeowners need to remember that spending a couple of thousand dollars to upgrade their home, or to showcase it to prospective buyers, can often prevent having to lower their asking price down the road.  The improvements they chose to make need to be in keeping with the overall asking price, the location of the property, and the market sellers are trying to attract.  In the table below are some common renovation projects, their approximate cost and the approximate return of  your investment if you do decide to sell.

Do it yourself renovations (approximate cost, approximate return on investment)

  1. Paint the interior:    $1000,  50-100%
  2. Replace carpeting with laminate
  3. (1000sq. ft. space) :  $2000,  50-75%
  4. Install new light fixtures :  $2000,  60-70%
  5. Groom the exterior landscape:  $2000, 25-50%
  6. Replace knobs and hardware:  $2000, 75-100%
  7. Update the entryway:   $3000, 50-75%
  8. Replace carpeting/laminate with hardwood:  $5000, 50-75%
  9. Build a deck/fence : $5000, 50-75%
  10. Renovations that may require a contractor (approximate cost, approximate ROI)
  11. Install a main floor powder room:  Under $5000, 80-100%
  12. Renovate bathrooms:  $5000-$8000, 75-100%
  13. Renovate kitchen:  $12,000-$15,000, 75-100%

Costs are based on mid-grade finishes, labour excluded, Vancouver Sun, 2008

 One of the other areas homeowners can consider when deciding that their space needs updating, or they are preparing for selling, is to contact a Certified ReDesign and Staging Specialist (CRSS TM )who can come to their home and either rework their space, using their own furniture and accessories, hence, ReDesigning their space for Living, or the CRSSTM professional can make recommendations; orally, or in a written report, as to improvements and/or repairs in the home prior to selling.  The other option is to have the CRSSTM  professional arrange to come to your home and prepare the home for selling prior to the Real Estate photos being taken and the listing going out on the web.  By Staging the house, the homeowner often experiences the same ROI as noted above since the Staging Professional will help the homeowner declutter and reorganize the space to showcase the house to prospective buyers; often assisting the homeowner to sell their house quicker and for more money.  So if you are not a Do-It-Yourselfer, but you want to showcase your home to its best advantage for Living or Selling, consider hiring a Certified ReDesign and Staging Specialist

 

Comments (1)

Brandon Watson
Team Sandy Blanton Realty, Inc. - Pensacola, FL
Short Sale Expert

Judith, thanks for sharing this list of renovations and amount of money spent a seller can expect to get back on upgrades. I must say that while the list may be a good general gauge, I think the actual return varies greatly from one property to the next, depending on area, price range, etc etc. Of course there will be situations where there will be a much higher return than 100% as well. athough none are qouted in the list above. There will also be situations where thousands are spent and no value is added to the property. I think that consulting a professional is important in each individual case as we all want the most return and "bang for our buck". A good Realtor should be able to steer you in the right direction.

Jun 07, 2008 11:33 AM