It’s March Madness time so most of us are glued to our televisions watching college basketballs stars make great moves on the court.
Who says they get to have all the fun and the glory? What kinds of moves can homeowners make to their homes that are considered slam dunks in today’s real estate market?
I took a look at the National Association of Realtors annual Remodeling Impact Report to help you come up with a game plan when you’re ready to make your next move. Consider one of these plays.
Kitchen Upgrade. Whether you plan on selling your home or staying put, a kitchen upgrade looks to be a winning strategy. Fifty four percent of Realtors surveyed suggested that sellers complete a kitchen upgrade before putting their houses on the market and 23% of them indicated that an upgrade helped them close a deal. While the estimated cost of an upgrade (for a 2,400 square foot home) came in at $35,000, Realtors expected that $20,000 of that cost (or 57%) would be recovered in the sales price. Of course, upgrading may have changed a few remodelers’ minds about moving. Eighty one percent of them reported a greater desire to be home after updating the kitchen and 76% experienced an increased sense of enjoyment when home. So either way you go, you can’t lose!
Complete Kitchen Renovation. Again, this is a play that will net results whether you decide to stay in your home or move. While only 18 percent of Realtors found themselves suggesting this option before selling, 14 percent thought it helped close the deal with 62 percent of the estimated $65,000 remodel being recovered in the sales price. Ninety one percent of the homeowners found themselves wanting to be home more after the remodel and 89% felt a major sense of accomplishment after it was done.
New Master Suite. This might be a project for you if you’re planning on staying put. Only four percent of Realtors suggested a new master suite before selling and only one percent thought it helped cinch the sale but 83 percent of homeowners expressed a greater desire to be home after the project was completed so the enjoyment factor is significant.
New Roof. If your roof is looking questionable, this is a slam dunk move for sure in terms of resale value. Fifty four percent of Realtors recommended this investment and 32 percent thought it was a significant factor in the buyer’s decision. In terms of value recovery, this particular project is the clear winner, recouping 109 percent of the cost in the sales price.
New Garage Door. If you’re looking to move this is another investment that adds considerable value with 87 percent of the cost being recovered upon selling. And as remodeling projects go, it’s on the lower end cost-wise with an estimated $2,300 cost for a 2,400 square foot home.
The National Association of Realtors’ survey also indicated that 35% of U.S. homeowners would rather move than remodel their home so if you find yourself on that team, give me a call at 503.939.9801 or check out my website. I’d love to put my 25 plus years coaching homeowners on their home buying and selling decisions to work for you.
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