You've maintained your home well and have made small updates over the years--but have you addressed the most valuable and vital home improvement projects before placing your house on the market? The National Association of Realtors has released the 2014 Remodeling Cost vs. Value Report, a summary of the top expense- and time-worthy home improvement projects for sellers to consider.
While we may spend the majority of our time indoors (especially this season), the value of exterior home improvements was reflected heavily in the Report, with 8 of the 10 top projects being exterior updates. It's all about first impressions and curb appeal, NAR president Steve Brown explains, saying, "That's why exterior replacement projects offer the most bang for the buck. Projects such as entry door, siding and window replacements can recoup homeowners more than 78% of costs upon resale." Another incredibly valuable project is the addition of a wooden deck, with 87.4% of costs being recouped upon resale.
Among top interior improvements were attic remodels, which returned 84.3% of the average $49,000 cost of the project. Minor kitchen updates totaling less than $19,000 were claimed to return nearly 49% of costs, deeming these projects worthy of consideration as well.
Cost vs. Value data shows the value of remodeling is up for all 35 projects noted in the report for the second year in a row. Overall, the 2014 cost-value ratio is 66.1%, reflecting a jump of 5.5 points from last year. This marks the largest increase of its kind in nearly twenty years and bodes very well for the upcoming market.
Want to know the value of your completed or projected home improvements? Contact me to schedule a time to discuss further.