Some remodeling projects that offer high value for low cost do not require a major investment, according to the article "Help Clients Stretch Their Remodeling Dollars" in Realtor magazine January 2011. As home values have slumped, they pulled down the cost-to-value ratio and extended a downward trend that began in 2006. Construction costs moved down, but estimated resale value moved down more. In today's buyer's market, home sellers must get a foot up on the competition with smart choices that stage the inside and outside of their homes. It pays to know which projects offer the most resale value, not only to attract more buyers but also to get the most value per dollar spent.
At the top of the list nationally? Replace an entry door with a 20-gague steel unit, including a clear dual-pane half-glass panel, jambs, and an aluminum threshold. Replace the existing lock set with a new brass or antique brass finish lock. Assure the mold and casings complement the syle of the home and neighborhood. Inspect the door before purchase to be sure there are no dents.
Garage door replacement is another cost effective improvement if used properly. Make an impressive splash and provide the option of a workshop area for handymen by including windows that bring in natural lighting through the door. Reduce temperature extremes with a door that is insulated.
Add curb appeal with new fiber-cement siding that has been factory primed and factory painted. Attract more buyers with siding that will save them the cost of repainting every few years.
Update your kitchen by repainting the cabinets (professionally if needed) rather than replacing them at a prohibitive cost, especially if you don't plan to live in the home for a while. Do some of the work yourself if you have the skills. Shop for low-cost, updated hardware that will give your kitchen a newer look. Do not overspend on your kitchen with expensive counter tops and fancy gadgets.
Consider a deck addition. Many buyers want a deck but not one that is too small to use or too large to maintain. If you already have a deck, you might add a natural stain to wear more evenly than a colored stain.
Today's real estate climate is competitive with foreclosures, REO's, short-sales and auctions competing for buyers' dollars. Give your property the edge needed to attract maximum viewers and increase your chances of beating the competition. Use your dollars wisely when you remodel to increase your profit margin and meet your home selling goals.
Tuesday, February 22, 2011
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