Abbotsford & Mission Real Estate Insider

RETURN ON RENOVATION IDEA’s

1 Homelife Idea on Renovations article 1Here is some highlights from the National Association of Realtors 2013 survey. Before selling and investing lots of money on improvements, remember that the best return for little money is painting, cleaning and to declutter your home. These stats are general estimates, however, take deck addition: if your desk is falling apart, the rate of return would be much higher. Major visual repairs often recoup the whole investment, some will not buy when faced with major renovations.

Insert “top 10” projects from:

Highlights from Article:

2012-13 Cost vs. Value: Make the First Impression Count

“Updating the outside of a home pays off, according to this year’s Cost vs. Value Report. Real estate professionals ranked exterior improvement projects as winning the buyers’ eye and providing sellers with the most return on investment.

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 If your clients are wondering what home improvement projects will give them the best return on the sale of their home, tell them to think “curb appeal.”

Exterior projects dominated the list with six of the top 10 most cost-effective midrange projects and eight of the top 10 upscale projects.

Top 10 Midrange Projects

1. Entry Door Replacement (steel) Job Cost: $1,137 Resale Value: $974 Cost Recouped: 85.6 percent

2. Deck Addition (wood) Job Cost: $9,327 Resale Value: $7,213 Cost Recouped: 77.3 percent

3. Garage Door Replacement Job Cost: $1,496 Resale Value: $1,132 Cost Recouped: 75.7 percent

4. Minor Kitchen Remodel Job Cost: $18,527 Resale Value: $13,977 Cost Recouped: 75.4 percent

5. Window Replacement (wood) Job Cost: $10,708 Resale Value: $7,852 Cost Recouped: 73.3 percent

(tie) 6. Attic Bedroom Addition Job Cost: $47,919 Resale Value: $34,916 Cost Recouped: 72.9 percent

(tie) 6. Siding Replacement (vinyl) Job Cost: $11,192 Resale Value: $8,154 Cost Recouped: 72.9 percent

7. Window Replacement (vinyl) Job Cost: $9,770 Resale Value: $6,961 Cost Recouped: 71.2 percent

8. Basement Remodel Job Cost: $61,303 Resale Value: $43,095 Cost Recouped: 70.3 percent

9. Major Kitchen Remodel Job Cost: $53,931 Resale Value: $37,139 Cost Recouped: 68.9 percent

10. Deck Addition (composite) Job Cost: $15,084 Resale Value: $10,184 Cost Recouped: 67.5 percent

Top 10 Upscale Projects

1. Siding Replacement (fiber-cement) Job Cost: $13,083 Resale Value: $10,379 Cost Recouped: 79.3 percent

2. Garage Door Replacement Job Cost: $2,720 Resale Value: $2,046 Cost Recouped: 75.2 percent

3. Siding Replacement (foam-backed vinyl) Job Cost: $13,818 Resale Value: $9,926 Cost Recouped: 71.8 percent

4. Window Replacement (vinyl) Job Cost: $13,055 Resale Value: $9,295 Cost Recouped: 71.2 percent

5. Window Replacement (wood) Job Cost: $16,361 Resale Value: $11,194 Cost Recouped: 68.4 percent

6. Grand Entrance (fiberglass) Job Cost: $7,088 Resale Value: $4,528 Cost Recouped: 63.9 percent

7. Deck Addition (composite) Job Cost: $34,403 Resale Value: $20,532 Cost Recouped: 59.7 percent

8. Major Kitchen Remodel Job Cost: $107,406 Resale Value: $64,113 Cost Recouped: 59.7 percent

9. Bathroom Remodel Job Cost: $50,007 Resale Value: $29,162 Cost Recouped: 58.3 percent

10. Roofing Replacement Job Cost: $33,880 Resale Value: $19,194 Cost Recouped: 56.7 percent

Ending a six-year cost-value ratio decline, this year’s Cost vs. Value Report is good news for remodeling industry with a rise in the ratio by three percentage points to 60.6 percent. According to the report, lower construction costs and stabilizing house prices were the principal factors for the upturn.

While every region improved over last year’s survey, the Pacific region — Alaska, California, Hawaii, Oregon, and Washington — had the highest average cost-to-value ratio overall at 71.2 percent, despite having the highest construction costs in the country.

Visit www.costvsvalue.com to find information from the 81 cities included in the survey and download free PDFs that include specific market data. Site registration is required. Also visit HouseLogic.com for a slideshow of the report’s results.”

This blog is written and supported by:
www.HomelifeAbbotsford.ca
 OR www.HomelifeMission.ca

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