When renovating your home, it a good idea to consider the resale value of your improvements. Most people turn first to kitchens and baths excepting the highest return there. But in Richmond, Virginia, the two renovations that bring the highest percent of cost recovered at resale are basement remodels (105%) and vinyl siding replacements (103%). The top 10 renovations based on average cost recovered at resale in the Richmond are:
1. Basement remodels -- 105%
2. Vinyl Siding replacements -- 103%
3. Siding replacement with foam-backed vinly - 97.7%
4. Attic bedroom remodel - 97.3%
5. Bathroom addition - 96%
6. Minor kitchen remodel - 95%
7. Siding replacement with cement siding - 92%
8. Bathroom remodel - 90%
9. Window replacement (vinyl) - 89%
10. Major kitchen remodel - 88%
10. Upscale bathroom addition - 88%
Another important issue to keep in mind when planning your renovation is the condition of your neighborhood. A neighborhood will also play a role in the resale value of your improvements. For example, some houses will get a lot more out of putting granite in the kitchen, if they are the only house in the neighborhood without it. But if no houses in the neighborhood have granite, and people shopping in that neighborhood don't need granite, then it can be money wasted. Another example is vinyl siding. If you live in a neighborhood with predominantly brick houses, then putting up vinly siding could actually detract from the value of your home.
For information on the potential resale value of your renovation, contact me for a market analysis first! For more information on the Richmond market, visit my website, www.erinbarton.com, information changes often!
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