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Posts Tagged ‘Best home projects in 2012’

.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.

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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.

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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.

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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%

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SOURCE: REMODELING

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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 size and prices of other comparable homes in the neighborhood.

The additional cost of heating and cooling should also be factored in – especially if the attic is not properly insulated.

Most buyers would NOT be willing to pay additional $40,000-%50,000 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 an additional bedroom & bathroom in the house, and the improvement provided the WOW! factor.

My advice is to do a thorough market analysis of your neighborhood BEFORE you spend any money on converting the attic into another bedroom. It sure would help the economy, but I’m not certain it would put any money in your wallet.

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