What home improvements provide the biggest return?
January 9th, 2008 - Categories: Real Estate News
By: Charles Woodall
http://www.dothanhomesearch.com
CostvsValue.com recently released its annual Cost vs Value report, which is a detailed list of the value returned on several different remodeling projects, both midrange and upscale. The report shows an average of what home owners can expect to recoup out of the cost of a home improvement project. Keep in mind there are a lot of factors in play, and your results may vary. The numbers shown below come from the East South Central region of the U.S., including Alabama.
If you are considering remodeling your Dothan home to get it ready for market this spring, here are the projects with the highest return percentage.
Midrange Projects
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Wood deck addition - 91.4%
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Siding replacement (Vinyl) - 89.6%
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Minor kitchen remodel (includes replacement of cabinet doors and hardware, flooring, and appliances) - 85%
Upscale Projects
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Siding replacement (fiber-cement board) - 93.6%
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Siding replacement (foam-backed vinyl) - 86.1%
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Window replacement (Vinyl) - 82.2%
So what projects showed the lowest return? The addition of a sunroom (62.5%), remodeling a home office (62.8%), and the addition of an upscale master suite (66.5%) were the improvements with the lowest percentage of cost returned.
If you have questions about an improvement project you are considering, give us a call or leave a comment below. We will be happy to try to answer any questions about how home buyers in Dothan look at the value of different home improvements.
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This is good information. Anything to enhance curb appeal is great, because the first step is to get them in the house. I hope your Dothan real estate clients will take a look at that report so they are able to invest their home improvement dollars in the most cost effective upgrades.
Remodeling a home can be tricky business. If you’re going to remodel in order to sell your home in Dothan, I’d recommend consulting a qualified real estate agent like Charles Woodall before you make the changes to make sure you get the biggest bang for your buck.
I guess the report shows what us Southerners already knew. We love enjoying the beautiful year round weather on our decks and porches. You’ll find a grill on my back porch and my dining room table on my screened-in front porch at my house.
I always look forward to the Cost vs Value report. When people are considering a remodel, looking at the return on their investment should be their first consideration. If they plan on moving in the next two-five years after the remodel, it could adversely affect their equity position.