Each year, our National Association of REALTORS publishes a report on the cost of some of the most popular remodeling projects and compares it to the value recouped at resale. The "Remodeling 2010-11 Cost vs. Value Report", comes from www.CostvsValue.com, and is broken out regionally throughout the United States. Complete data from the Remodeling 2010-11 Cost vs. Value Report can be downloaded for free at www.CostvsValue.com”.
An interesting trend noted by www.CostvsValue.com is that while it appears the resale values of remodeling projects are declining, much of that has to do with the scaled back approach to remodeling projects taken by consumers in response to the economic downturn. (Copyright 2010 Hanley Wood LLC Reprinted by permission.)
Projects most popluar to our West Savage area would likely be the addition of a deck, finishing the basement, garage door and/or window replacement, and a minor kitchen remodel - i.e. countertops, appliances and possibly refacing existing cabinetry. According to the report, a kitchen remodel will net sellers the most dollar-for-dollar. This is consistent with the common belief that kitchens and baths are the most important rooms in a house that need to "shine" when it comes time to sell.
A project not listed in the report, but very important and commonly seen in our community, is refinishing or installing hardwood floors and replacing carpet, both somewhat pricey projects that eventually are important for resale in a buyer-driven market. New flooring can make an otherwise tired space look fresh and current.
We are believers in keeping existing finished space UPDATED before adding additional finished space, if resale in the near future is the ultimate goal. i.e. Instead of finishing the basement of a home that needs updates on the above floor(s), spend some of those dollars updating the space that is already finished. Updated carpet, fixtures (lighting, door knobs, etc.) and countertops are some good places to start.
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