Palos Verdes homes owners often ask me what they can do to get the highest sales price for their home. In addition to a realistic listing price, it is important to remove the clutter and stage your home along with possible home improvements. Which home improvements and remodeling projects give the greatest return on investment? For owners of Palos Verdes homes (and Los Angeles County) this year’s Remodeling Magazine’s “Remodeling 2020 Cost vs. Value Report” (www.costvsvalue.com) © 2020 Hanley Wood Media Inc. is a blend of upscale and midrange projects. For 2020 in Los Angeles County, the remodeling projects with the highest return on investment are Manufactured Stone Veneer at a 120.2% return followed by Garage Door Replacement at a 106.6% return, Minor Kitchen Remodel (midrange) at a 95.1% return, and Entry Door Replacement (steel) at a 91.2% return. As you can see, curb appeal is important to buyers who are getting the first impression of your home.
There were four Upscale Projects listed for Los Angeles County: Bathroom Addition at 72%, Bathroom Remodel at 71.9%, Master Suite Addition at 66.6%, and Major Kitchen Remodel at 61.9%.
Owners of Palos Verdes real estate remodel for different reasons, like the need for more space, to improve the functionality of specific rooms and to update them. Kitchen and bathrooms are usually the most expensive remodel as plumbing and/or appliances may need to be moved and/or replaced. There is no specific report for Palos Verdes homes but there is a Remodeling 2020 Cost vs Value Report (www.costvsvalue.com) for Los Angeles County. When you go to the main site, choose Pacific region and then Los Angeles or click the following link: (www.costvsvalue.com). You will be prompted to register before gaining access to the report. The beginning of the Report has descriptions of individual projects (both mid-range and upscale) and you can then compare to your own.
Remodeling just for resale rarely nets you a dollar for dollar return. Most remodels are done for the enjoyment of the homeowner (who still wants to maximize their return when they do sell). My experience is that most buyers are looking for newer kitchens, bathrooms, master suites and nice yards. Curb appeal is very important because it is the buyer’s first impression of the home.
To read my prior article on Cost vs Value 2019, click here.
Originally posted to Elaine Carlson's real estate blog PalosVerdesSource.com.
Photo of Palos Verdes Homes & Coastline courtesy of Arvin Design