Home Improvement

Home improvements. Are you planning to stay in your home or are you making improvements purely for resale? That is the first question you must answer before you take out your pen and paper. Are you all about updating the looks that attract a buyer, or the or updating to more energy-efficient appliances, heating systems and windows.

Don’t expect to get dollar for dollar on investment vs return. Below is a chart that shows some of the more popular and highest return on investment according to Home Remolding Magazine.

Remember…whatever home improvement you do make sure to get all city, county permits prior to work beginning. Not having one may kill the deal when you go to sell.

Which Improvements Add Value To Your Home?

The Cost vs. Value Report from Remodeling Magazine provides an accurate snapshot of the national housing market, but it can’t be applied accurately to an individual remodeling project for a particular address. Resale value is one factor among many that you need to take into account when making the decision to remodel. Although the costs used in the report are based on itemized estimates, the projects are hypothetical. When comparing the data to actual remodeling costs, small differences in the scope of a project or quality of finishes and accessories can dramatically affect the price.

2010-11 Trends

Slumping home values pulled the overall cost-to-value ratio down to its lowest level this decade, extending the downward trend that began in 2006. In fact, the slide from 63.8 percent to 60.0 percent in costs recouped is a slightly greater than last year’s 3.5-point drop. Projects were more affordable to complete, with construction costs down 10.4 percent overall, but those lower costs were overmatched by a 15.8 percent drop in estimated resale values, the biggest decline in the last eight years.

TOP 5: First Impressions Matter when Selling

This year’s Cost vs. Value Report, by Remodeling magazine, provides ample support. The annual survey uses input from REALTORS® in 80 cities to rank home remodeling projects according to those that bring the greatest cost recovered at resale. And looking at the five projects that topped the list, it’s clear that first impressions really do matter when sellers list their home.

PROJECT 1: Entry Door Replacement (Steel)
Cost $1,218
Resale value $1,243
Cost recouped 102.1%
National averages

PROJECT 2: Garage Door Replacement
Cost $1,291
Resale value $1,083
Cost recouped 83.9%

PROJECT 3: Siding Replacement
(Fiber Cement also referred to as Hardyplank)
Cost $13,382
Resale value $10,707
Cost recouped 80.0%

PROJECT 4: Kitchen Remodel (Minor)
Cost $21,695
Resale value $15,790
Cost recouped 72.8%

PROJECT 5: Deck Addition (Wood)
Cost $10,973
Resale value $7,986
Cost recouped 72.8%