Investing in Your Home Still Pays Off When You Resell!

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Real Estate Agent with Weichert Realtors, 3816 International Dr, Silver Spring, MD

Investing in Your Home Still Pays Off When You Resell!

According to Remodeling magazine's 2010-2011 "Cost vs. Value Report," even despite the challenging economy, investing in your home still pays off at resale -- and it doesn't have to cost a lot. The report also showed that home sellers consider first impressions to be a top priority, with nine out of the top 13 projects being exterior replacements that contribute to curb appeal and help attract buyers.

Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top two projects were also the least expensive. A mid-range entry door replacement returns more than 102.1 percent of project costs upon resale, followed by a mid-range garage door replacement, at 83 percent.

While considered upscale, the third-best project, fiber-cement siding replacement, has been a consistently high performer, recouping 80 percent of costs this year, and also showing the smallest cost increase of any project (less than 1 percent).

The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.

Click here to access the "Cost vs. Value" website, where you can download data for 80 cities.

SOURCE: Weichert Insights

 

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Show All Comments
Rainmaker
1,365,639
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Wonderful post Barbara.  Nothing I like less than having to tell a seller that their $10K-20K upgrade, remodel, addition, etc. will not net the return they are seeking.  The link is a good resource to gauge what the market in larger areas will "accept" and how much on average a seller can expect to get in return when they sell their home.

January 15, 2011 08:34 AM #1
Rainmaker
762,305
Barbara Michaluk
Weichert Realtors, 3816 International Dr, Silver Spring, MD - Silver Spring, MD
Top Producing REALTOR Montgomery County, Maryland

Anita, I have found the Cost vs Value annual report to be a great resource to support decisions that clients are considering making on their homes.  It's helpful for them to see what they can expect to reap from their investment.

January 15, 2011 08:37 AM #2
Rainer
98,462
Dawn Tetro
Harry Norman Realtors - Atlanta North - Johns Creek, GA
Realtor

In this tough market, it has been my experience that unless you are in a prime location, a home that has not been updated will have a difficult time selling if at all.  There is just too much inventory and you need to set yourself apart..    

January 15, 2011 08:45 AM #3
Rainer
32,489
Jacquie Cliff
Champions Real Estate Services - Lynnwood, WA - Lynnwood, WA
- Real Estate and Short Sale Expert

I think people really underestimate the curb appeal value of a lot of their exterior work. If you are the only house on the street with vinyl siding and the others have cement board, it will lower the value of your home.

January 15, 2011 09:05 AM #4
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Rainmaker
762,305

Barbara Michaluk

Top Producing REALTOR Montgomery County, Maryland
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