High Yield Home Improvements
If you plan to sell your home within the near future, some repairs more than others will give you a higher return on your resale. Before you pay for that California closet, that basement project or that bathroom remodel, check out my list. Studies published by Realtor Magazine and Remodeling Magazine, show that exterior projects add more payback value than interior projects.
Realtors in 65 markets were given construction specs and costs on 29 upscale and midrange projects and asked to estimate the percentage return at resale. Here is what they reported.
% Return Project
88% Upscale Fiber Cement Siding Replacement (exterior)
85% Wood Deck Addition (exterior)
83% Midrange Vinyl Siding Replacement (exterior)
83% Minor Kitchen Remodel (interior)
81% Window Replacement (Vinyl or wood) (exterior)
Siding replacements, deck additions and minor kitchen remodels returned the highest payback at resale. Projects like home office remodels, power generators, and sunrooms only returned 50%-60% of their cost. Bathrooms also scored low. Minor kitchen remodel means replacing cabinet fronts and hardware but leaving the boxes intact. It also means replacing the cook top with new energy-efficient models, replacing laminate countertops, repainting trim, adding wall coverings, and removing and replacing resilient flooring.
Consulting your realtor, before you conduct home improvement projects, is a free way to get the most resale bang out of your renovation dollar. If you would like some free advice from a good realtor…Ask Rey.