Many times when I’m talking to potential home sellers especially in Pueblo West CO they often ask what they can do to increase the value of their home and ultimately the selling price.
Remodeling magazine recently published their 31st annual cost vs value report that offers “an unbiased, third party report on how much it really costs for a professional to do a typical remodeling project, as well as how much a real estate professional believes that project will increase a home’s value if it’s sold within a year of when the work was completed.”
They compare 21 popular remodeling projects & upgrades with the value they retain when the property is sold in 100 U.S. housing markets.
This year’s version finds a slight decline, to 56.8% in 2017 from 57.9% in 2016, in the average payback for 20 common professional remodeling projects in 100 major markets. That’s mainly because the cost of doing those projects went up for all 20, while values rose for only about two-thirds of them
Some of the highlights of the report include
Highest return on investments include:
Garage Door Replacement – 96.7%
Manufactured Stone Veneer – 93.8%
Minor Kitchen Remodel – 83.8%
Lowest return on investments include:
Major Kitchen Remodel – 50.2%
Vinyl Window Replacement – 68.4%
Unfortunately for my clients in Pueblo West that often times have unfinished basements, the return on investment is not clearly spelled out. Depending on the home finishing the basement can add a few additional dollars above the investment to the bottom line, and sometimes not.
If you are considering a basement remodel for example, I can recommend several contractors that will give you a no-cost estimate to finish the basement. Then we’ll take the estimate and run a comparative market analysis on the home to determine if it’s a smart move.
Here is the link to see the complete breakdown for the Rocky Mountain region.