Consider cost vs. value before remodeling to sell
Memorial Day weekend often marks a shift in the neighborhood. People get outside more, and it’s often the time that people start major projects – both indoors and out. Roofers, landscapers, house-painters and contractors all look forward to increased business this time of year.
Some of those projects are underway because homeowners are hoping to prepare their home for sale. Remodeling can add value and increase your home’s appeal to buyers, but it pays to know which projects are worth the investment and which ones are better left for the homebuyer to do later.
Remodeling magazine maintains annual data for 30 common home remodeling projects, which can be a helpful tool when deciding whether your planned project is worth your time and money.
Which home upgrades pay off and which don’t? We took a look at the data for the Mountain region in the magazine’s report, focusing on midrange projects:
- Attic insulation: Sellers recouped 95.6 percent of the cost of adding insultation (average price $1,248). We know that proper insulation is extra important in our mountain town, so this project might be a good idea for Steamboat home sellers.
- Minor kitchen update: The cost recouped is about 78.2 percent for remodels that include updating cabinet facades, replacing flooring and updating laminate counters. The recouped cost for more involved (and expensive) kitchen remodels goes down to 64.6 percent. So, maybe scale back your planned kitchen project.
- Deck addition: We love our decks here in Steamboat and they are an attractive feature for most buyers. Adding a wood deck (69.4 percent) will give you more ROI as a seller than adding a composite deck (58.9 percent), but keep in mind that buyers will be looking for decks that weather well in our climate.
- Curb appeal: If you are looking for ways to improve your home’s outward appearance, consider a front-door replacement (79.5 percent return) or adding stone veneer in place of some siding (80.1 percent return). New roofing has a lower return (66.9 percent), but it’s one item that will be flagged in the home inspection, so it’s worth considering.
View the full list and average cost vs. return here, and then plan accordingly as you consider potential home remodeling before selling your home. Your real estate agent can also offer advice on which items can help your home sell faster.
If you are buying or selling a home in Steamboat Springs, contact us. We will put our nearly 30 years of experience to work for you.