According to Remodeling magazine’s 2011-2012 “Cost vs. Value Report,” replacement projects perform better in resale value than other types of remodeling projects. In fact, seven out of the top 10 projects were siding-, window- and door- replacement projects.
The good news for cost-conscious homeowners is that investing in your home in a way that pays off at resale doesn’t have to cost a lot. The high value of most replacements can be contributed to the relatively low cost of these projects. What’s more, the majority of replacement projects immediately improve curb appeal, making the home more attractive to buyers.
Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top project is fiber-cement siding, which typically recoups 78 percent of costs. Fiber-cement siding has been in the No.1 spot for six of the seven years since it was added to the report.
Moving up two spots in the rankings is the minor kitchen remodel, now coming in at fourth place at 72 percent. Considered an “interior replacement” project, this is the least expensive way to give an existing kitchen a complete facelift. It is typically done by adding new cabinet door and drawer fronts and hardware, new countertops and new appliances.
The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings. I have highlighted this sentence because I think it is very important to point out that renovations and repairs may NOT directly increase the sale price but rather will have an impact on time on market and quality of the negotiation.
If you are thinking of perhaps putting your house on the market, please feel free to give us a call, and we would be happy to meet with you and answer any questions you might have about getting your house or townhouse ready to sell. Also, feel free to go to our Basking-Ridge-Real-Estate website for more valuable information about buying and selling in Basking Ridge.