The Value of Renovations
May 15, 2008
In this morning's Wall Street Journal a headline asked the question "Will Upgrading Your Home Help You Sell It? As a real estate agent, I frequently am asked by potential sellers, and also by homeowners contemplating a remodel, if the upgrade they are considering will improve the value of their property. I was interested in the opinion of the writer of this article.
The writer, , M.P.McQueen, concluded that big-ticket renovations no longer bring the resale return that they did a few years back. Depending on the region of the country in which you live, different improvements are more appealing. However, investing in the curb appeal of your property can be done for a relatively small investment and will create the potential buyer's desire to live in such a well maintained home.
Here is the McQueen summary of projects that are still returning much of the original cost.
Curb appeal projects such as new windows, stucco, paint, and plants.
Projects that lower your insurance or utility bills such as electrical and plumbing upgrades and central station burglar and fire alarms.
Making all the repairs that might seem insignificant, but which again lower your maintenance costs. (That new furnace, new xerographic landscaping, waterless hot water heaters, etc.)
When investing in upgrades and renovation projects, the best criteria in my opinion is the enjoyment they will bring to me and my family, not just will I get my money back when I sell.
In this morning's Wall Street Journal a headline asked the question "Will Upgrading Your Home Help You Sell It? As a real estate agent, I frequently am asked by potential sellers, and also by homeowners contemplating a remodel, if the upgrade they are considering will improve the value of their property. I was interested in the opinion of the writer of this article.
The writer, , M.P.McQueen, concluded that big-ticket renovations no longer bring the resale return that they did a few years back. Depending on the region of the country in which you live, different improvements are more appealing. However, investing in the curb appeal of your property can be done for a relatively small investment and will create the potential buyer's desire to live in such a well maintained home.
Here is the McQueen summary of projects that are still returning much of the original cost.
Curb appeal projects such as new windows, stucco, paint, and plants.
Projects that lower your insurance or utility bills such as electrical and plumbing upgrades and central station burglar and fire alarms.
Making all the repairs that might seem insignificant, but which again lower your maintenance costs. (That new furnace, new xerographic landscaping, waterless hot water heaters, etc.)
When investing in upgrades and renovation projects, the best criteria in my opinion is the enjoyment they will bring to me and my family, not just will I get my money back when I sell.
posted by shirley harry at 8:21 AM
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