.When deciding on home remodeling projects, homeowners find that some projects pay off more than others at time of resale.
Remodeling Magazine, in conjunction with REALTOR® Magazine, recently released findings of its annual Cost vs. Value report for 2011-2012, revealing which remodeling projects offer the biggest bang for your buck.
.
Overall, the trend right now is replacement over remodeling–replacing the old with the new rather than doing a total gut job, which can be much more costly.
.
Year 2011-2012 Cost vs. Value report found that exterior replacement projects–such as new garage doors and a new entry door–offer some of the best returns at resale, allowing home owners to recoup close to 70% or more of the costs of the project at times of resale.
.
The following are the top, mid-range projects from this year’s report, based on what home owners stand to recoup at time of resale:
1. Replacing the entry door to steel
Estimated cost: $1,238
Cost recouped at resale: 73%
2. Attic bedroom (converting unfinished attic space into a bedroom with bathroom and shower)
Estimated cost: $50,148
Cost recouped at resale: 72.5%
3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)
Estimated cost: $19,588
Cost recouped at resale: 72.1%
4. Garage door replacement
Estimated cost: $1,512
Cost recouped at resale: 71.9%
5. Deck addition (wood)
Estimated cost: $10,350
Cost recouped at resale: 70.1%
6. Siding replacement (vinyl)
Estimated cost: $11,729
Cost recouped at resale: 69.5%
.
SOURCE: REMODELING
.
NOTE FROM VIVIANNE: I agree with four home improvements on this list, but I am NOT certain about the (2). Attic bedroom addition – depending on the ease of adding the extra bedroom and bathroom in the attic and prices of other comparable homes in the neighborhood.
Most buyers would NOT be willing to pay additional $40,000 for the extra bedroom on the fourth level UNLESS it added actual VALUE to the house. Perhaps small number of buyers would pay more if the improvement was done exceptionally well, there was a need for the additional bedroom & bathroom in the house, and the improvement provided the WOW! factor.
