MY BLOG - Working For You Every Step of the Way!

Replacement projects perform better in resale value than other types of remodeling projects

According to Remodeling magazine’s 2011-2012 “Cost vs.Value Report,” replacement projects perform better in resale value than other types of remodeling projects. In fact, seven out of the top 10 projects were siding-, window- and door replacement projects.

The good news for cost-conscious homeowners is that investing in your home in a way that pays off at resale doesn’t have to cost a lot. The high value of most replacements can be contributed to the relatively low cost of these projects. What’s more, the majority of replacement projects immediately improve curb appeal, making the home more attractive to buyers.

Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top project is fiber-cement siding, which typically recoups 78 percent of costs. Fiber-cement siding has been in the No.1 spot for six of the seven years since it was added to the report.

Moving up two spots in the rankings is the minor kitchen remodel, now coming in at fourth place at 72 percent. Considered an “interior replacement” project, this is the least expensive way to give an existing kitchen a complete facelift. It is typically done by adding new cabinet door and drawer fronts and hardware, new countertops and new appliances.

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 all regions of the country.

Source: Weichert Insights

According to the 2009 Cost vs. Value Report 
Mid Atlantic Region - National Averages
Mid Range Home Remodel Projects 2008-2009

What is a better investment - Major Kitchen Remodel vs. Minor Kitchen Remodel?

Project:  Major Kitchen Remodel                     
Estimated Cost:  $56,611        
Resale Value:  $43,030
Cost Recouped:   76%

Description:
Update an outmoded 200-square-foot kitchen with a functional layout of 30 linear feet of semi-custom wood cabinets, including a 3-by-5-foot island; laminate countertops; and standard double-tub stainless-steel sink with standard single-lever faucet. Include energy-efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting. Add new resilient flooring. Finish with painted walls, trim, and ceiling.

 - VS -

Minor Kitchen Remodel                       
Estimated Cost: $21,246         
Resale Value: $16,881 
Cost Recouped: 79.50%

Description:
In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors and drawers, including new hardware. Replace wall oven and cooktop with new energy-efficient models. Replace laminate countertops; install mid-priced sink and faucet. Repaint trim, add wall covering, and remove and replace resilient flooring.

For more information on Cost vs. Value Reports on other Home Improvements check out:

http://www.remodeling.hw.net/2008/costvsvalue/national.asp