Recently, while performing a comparative market analysis here in the New Hampshire seacoast to let some potential sellers know the best price range for their house, the question came up of what they might do to raise the value of their home before placing it on the market. In particular, this couple had already performed a beautiful kitchen remodel, but were wondering about other options.
It turns out that they had done themselves a favor with the kitchen remodel--here in the east, sellers are likely to recoup quite a bit of the costs associated with a kitchen remodel, and it gave their 1930s cape a great combination of character and modern convenience. However, during this market, it may pay to stop there. With both home-sale and remodeling activity at record levels in the last five to six years, some cooling is inevitable. Indications are that the current downturn represents a return to “normal” levels.
Traditionally, kitchens and baths are the way to go for the interior -- but it is no surprise that as prices for most remodeling projects continue to climb, the recoup value of improvements at resale is declining along with a slowing market, according to the latest report from Realtor Magazine. At the end of 2006 they released their annual Cost vs. Value Report in conjunction with Remodeling Magazine. This report offers a city by city comparison to let you know which home remodeling projects provide the best return for your investment in your particular real estate market.
For more information and for summary pages covering specific remodeling projects in your region you can go to Realtor Magazine Online.
If you want the city by city data, reprints are available for purchase, but the regional summaries are free and will give you food for thought.
Laurel Trzaskoma - Your Exeter NH Realtor
The Michael Bean Group