Buyers in today's market have a wide selection of homes from which to choose. So, after pricing their house so that buyers will come to see it, sellers who want to stand out from the competition should start at the curb. First impressions count, and the first thing a buyer sees is the outside of a home. Therefore, it's not surprising that exterior remodeling projects gain back most of their costs when a home sells.
The 2008 Remodeling Cost vs. Value Report released recently by the National Association of REALTORS® shows that, nationally, wood deck additions and siding replacement projects returned more than 80% of costs.
According to the report, Maryland, Virginia and Washington, D.C. are among the regions with the highest percentage of remodeling costs recouped in 2008. In these regions, vinyl siding replacements recouped almost 86%. Wood deck additions recouped about 76%, while composite decks recouped about 71%. Wooden window replacements returned about 71% to 72% of costs.
A buyer who is impressed with the outside of a home is more likely to step inside it, so effective interior remodeling is not to be overlooked. Remodeled kitchens returned 65% to 75% of costs. Remodeled bathrooms recouped between 66% and 70%. Attic bedrooms earned back about 67% of the cost of adding them.
Some home improvements weren't as successful at capturing buyer interest. According to the report, remodeled home offices brought back about 51% of cost. Sunroom additions recouped about 54% of the money put into them. Back-up power generators also made the list at about 54%.
Investing in exterior renovations and the most popular interior renovations can give a home the competitive edge. A home with curb appeal might not only reach a closing faster, but recover most of the remodeling expenses, as well.
Home sales, of course, depend on many factors in the local real estate market. The most important factor is being at the right price to attract buyers.
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