We are often asked by clients if they should remodel their homes. The answer, of course: it depends! Is your objective to quickly increase the value of your home? Is your objective to make living in your home more enjoyable for your long term use? Will your remodeling project add to the size of the home, perhaps by adding space with permits and permission from local governing authorities? Are you removing walls, reducing the number of bedrooms in your home?
The National Association of REALTORS® has released its Remodeling Cost vs. Value Report, and this year it was all about curb appeal. Indeed, 7 out of the top 10 most valuable home improvement projects turned out to be exterior renovations.
Realtors evaluate projects on a national level and consider cost effectiveness and value recouped at resale. Three of the top ten projects were siding replacement; three were door replacement; and upscale garage door installation made a jump from the #7 to #6 spot thanks to a decrease in that project's cost over the past year.
These exterior projects are part of a home's regular upkeep, and most recoup about 70 percent of their cost. If you have your heart set on some interior improvements, a few were considered especially worthwhile, including the addition of an attic bedroom and a minor kitchen remodel.
Just some things to keep in mind as we enter spring, the season of renewal. To check out the entire report click here. If you would like opinions on the projects you are thinking about, please give us a call. We have terrific resources, including architects, designers and others who can help you decide if renovations are right for you. Oh, and as real estate agents, we have opinions, too!