Exterior Replacement Projects Recoup More on Resale for Homeowners - REALTORS(R) Annual Report

 

Homeowners Recoup More with Exterior Replacement Projects - REALTORS® Annual Report

As part of the 2010-11 Remodeling Cost vs. Value Report, REALTORS® rated exterior replacement projects among the most cost-effective home improvement projects, showing that curb appeal remains one of the most important aspects of a home when it's time for resale. 

This year's Home Remodeling Cost vs. Value Report highlights the importance of exterior projects, which provide the most value, and are among the least expensive improvements.  

It's best for home owners to work with REALTORs® through the remodeling and improvement process, because they can provide insight into projects in their neighborhoods that will recoup the most when the owners sell.

Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. 

• Steel entry door replacement for a home remained the project that returned the most money, with an estimated 102.1% of cost recouped upon resale (only project in this year's report expected to return more than the cost). 
• Midrange garage door replacement expected to recoup 83.9% of costs.

Both projects are small investments costing about $1,200 each on average.  REALTORS® identified these two replacements as projects that can improve a home's curb appeal, which is king of cost vs. value on improvement projects and is the first thing buyers are looking for. 

The 2010-11 Remodeling Cost vs. Value Reportcompares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country, grouped according to 9 different U.S. regions.  This is the 13th consecutive year that the report, produced by Remodelingmagazine publisher Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine. 

REALTORs® gave insight into local markets and buyer home preferences and estimated that home owners would recoup an average of 60% of their investment in 35 different improvement projects.  That's down from an average of 63.8% last year.  Remodeling projects, particularly higher cost projects, have lost resale value in recent years, perhaps because of weak economic conditions.

Replacement projects are among the least expensive and contribute to curb appeal, and they outperform remodel and additions projects. 

Various types of siding and window replacement projects were expected to return more than 70% of costs.  Upscale fiber-cement siding replacement was judged by REALTORS® the most cost effective among siding projects, recouping 80% of costs. 

The top interior projects for resale value were attic bedroom and a basement remodel, which add living space without extending footprint of the house. 

The resale value of a particular home improvement project depends on various factors, including home's overall condition, availability and condition of surrounding properties, location and regional economic climate.  

Results of the "Cost vs. Value" report are summarized in the January issue of REALTOR® Magazine, which has project descriptions.  Click here to see this report with 80 cities covered.  

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Source:  National Association of REALTORs - REALTOR® Magazine is published by the National Association of REALTORS®.

For information on seller and buyer opportunities for homes and real estate at Orange County, California, Newport Beach,  Irvine,  Laguna Beach,  Corona del Mar,  Newport Coast,  Huntington Beach, or at Costa Mesa, please contact us. 

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs®.

            

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