Annapolis Md Homes and More: Is There Value In That Home Improvement?

Is There Value In That Home Improvement?

With the spring market barrelling down on us I am often asked by Sellers, what should i do to make my home more appealing that is also cost affective? Realtor Magazine helps me with this answer every year with the cost vs value analysis they do. Entry door is still #1 on the list with windows, siding and decks not far behind. Of course if just a small makeove is needed I have some great ideas for that as well.  Below is the list of top 10 midrange and upscale projects from the 2013-14 Cost vs. Value Report:

Top 10 Midrange Projects

1. Entry Door Replacement (steel)
Job Cost: $1,162
Resale Value: $1,122
Cost Recouped: 96.6%

2. Deck Addition (wood)
Job Cost: $9,539
Resale Value: $8,334
Cost Recouped: 87.4%

3. Attic Bedroom
Job Cost: $49,438
Resale Value: $41,656
Cost Recouped: 84.3%

4. Garage Door Replacement
Job Cost: $1,534
Resale Value: $1,283
Cost Recouped: 83.7%

5. Minor Kitchen Remodel
Job Cost: $18,856
Resale Value: $15,585
Cost Recouped: 82.7%

6. Window Replacement (wood)
Job Cost: $10,926
Resale Value: $8,662
Cost Recouped: 79.3%

7. Window Replacement (vinyl)
Job Cost: $9,978
Resale Value: $7,857
Cost Recouped: 78.7%

8. Siding Replacement (vinyl)
Job Cost: $11,475
Resale Value: $8,975
Cost Recouped: 78.2%

9. Basement Remodel
Job Cost: $62,834
Resale Value: $48,777
Cost Recouped: 77.6%

10. Deck Addition (composite)
Job Cost: $15,437
Resale Value: $11,476
Cost Recouped: 74.3%

Top 10 Upscale Projects

1. Siding Replacement (fiber-cement)
Job Cost: $13,378
Resale Value: $11,645
Cost Recouped: 87.0%

2. Garage Door Replacement
Job Cost: $2,791
Resale Value: $2,315
Cost Recouped: 82.9%

3. Siding Replacement (foam-backed vinyl)
Job Cost: $14,236
Resale Value: $11,124
Cost Recouped: 78.1%

4. Window Replacement (vinyl)
Job Cost: $13,385
Resale Value: $10,252
Cost Recouped: 76.6%

5. Window Replacement (wood)
Job Cost: $16,798
Resale Value: $12,438
Cost Recouped: 74.0%

6. Grand Entrance (fiberglass)
Job Cost: $7,305
Resale Value: $5,163
Cost Recouped: 70.7%

7. Deck Addition (composite)
Job Cost: $35,158
Resale Value: $22,881
Cost Recouped: 65.1%

8. (tie) Bathroom Remodel
Job Cost: $51,374
Resale Value: $32,660
Cost Recouped: 63.6%

(tie) Major Kitchen Remodel
Job Cost: $109,935
Resale Value: $69,973
Cost Recouped: 63.6%

9. Roofing Replacement
Job Cost: $34,495
Resale Value: $21,731
Cost Recouped: 63.0%

10. Bathroom Addition
Job Cost: $72,538
Resale Value: $43,936
Cost Recouped: 60.6%

The data used in the Cost vs. Value Report was collected with the help of REALTOR® Magazine in an online survey between August and October 2013. More than 4,500 NAR members participated from 101 U.S. cities, up from 81 cities included in last year’s survey.

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About the Author Martha Brown- As a third generation Annapolitan I love to write about my experiences in and out of the real estate market. Licensed since 1992 all with Long & Foster I am a Certified Residential Specialist (CRS) and a Seller Representation Specialist (SRS) whose passion is homes in the Annapolis MD area and surrounding communities. My goal is to help my clients understand the real estate market and to then make sound real estate decisions. 

 

Martha can be reached  at 410-260-2800 ofc or 

martha@homesaroundannapolis.com.

When searching for Annapolis area homes for sale

there is no better place than

www.HomesAroundAnnapolis.com

 

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Martha Brown of Long & Foster Real Estate.

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Annapolis, MD 21403

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Comment balloon 5 commentsMartha Brown • February 04 2014 08:03AM

Comments

Hi Martha, Thanks for the post on upgrade costs and value. Spring time is coming on fast and for us in California we could use a few days of rain before it does. Upgrading your home before selling is always a consideration worth looking at!

Posted by Les & Sarah Oswald, Broker, Realtor and Investor (Realty One Group) over 4 years ago

Martha  I have a problem with #3 (attic bedroom) as a priority as it doesn't apply to many postwar homes otherwise the list was well done - suggesting

Posted by Karen Kruschka, - "My Experience Isn't Expensive - It's PRICELESS" (RE/MAX Executives) over 4 years ago

Martha

Their report is always interesting to read in light of what people choose to do and think they ought to recover when they sell. Were these numbers averages overall or are they the ones for your region. Basements and attics are very rare in my area

It's certainly useful for seller to know about so they can really think through what makes sense, and does not. A lot of things pay back well less than the cost.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) over 4 years ago

Wow, these mid-range project costs are a lot higher than I would have thought mid-range was. I would lik to know what the small makeover ideas are.

Posted by Troy Erickson, Your Chandler, Ahwatukee, and East Valley Realtor (Diverse Solutions Realty www.ChandlerRealEstate.weebly.com) over 4 years ago

 Hello Martha ... some great information and very interesting! Featured at the group All Real Estate - Today & Tomorrow

VB ;o)

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 4 years ago

Participate