| Get Bang For Your Buck | December 14th, 2005 |
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So what kind of remodeling delivers the most bang for their buck when it’s time to sell? Remodeling Magazine’s “Cost vs Value Report” attempts to answer this question with an exhaustive city-by-city study on what various home projects will pay back at resale. According to these experts, here is what yields the highest return for San Francisco. Bear with me if some of these projects don’t seem practical for you. I know square footage can be tight in San Francisco, so your cost and returns may vary. 1.Bathroom Remodel— this is a nearly ‘must-do’ if your fixtures and finishings are more than 25 years old. A new vanity and new porcelain fixtures, along with a new tile tub surround and classy tile floors will deliver a 150+% return on your money. Up that figure to 168% if you have room to add a double sink. 2. New deck— if your home opens onto a big back yard, a $13,500 investment in a big deck (16X20 feet) with railings and a built-in planter and bench will add $21,355 to your resale value. 3. Minor Kitchen Remodel— to the magazine this means dropping $17,500 into cabinet refacing, new countertops, new appliances and sink, fresh paint and “resilient flooring.” Your resale value on this investment– $26,564. Please note that the magazine thinks you have a 200-square foot kitchen and 30 linear feet of cabinets and counters. 4. Window Replacement– This is my favorite improvement. Nothing makes a home look better than replacing old tired aluminum sliders with pretty wood windows (or something more appropriate to your home’s style). Return on investment—132%. Other big pay-offs– converting an attic into a bedroom suite (a 151% return), or creating an entertaining area in a basement (a 139% return). Some of the study’s surprises (at least to me)— A family room addition recoups only 108% and a home office remodel yields just 115%. You can also cut your remodeling costs by up to a third if relocate to Kansas, Oklahoma or parts of Virginia. Call me if you want a full copy of the report. Also—I rely on your referrals– so please pass my name along to anyone who is planning on buying or selling this spring. Thanks! |
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Greetings Everyone!