As long as I have been in real estate, I have heard sellers say they were going to make costly repairs in order to increase their sales price. BUT, the thing they don’t realize is all the time, effort and money that really goes into big projects. And is it worth it?
Well, I finally came across something that I want to share with you. This article, Remodeling Projects with the Greatest Return is from the Florida Realtors magazine, from the source Remodeling Magazine, 2020 Cost vs Value Report, Mid Range Projects.
Now I can prove what I have been telling clients for years! Not one of the projects brought back MORE than it cost to do the project. In fact, check out the next page, you may be a bit shocked to see that a new roof, for instance, only recovers 68% of the cost to install the new roof. Or that a bathroom remodel only brings back 66% of the cost. A major kitchen remodel only gets back about 58%!!
Funny enough, the project that brought back the most return was manufactured stone veneer put on the front of the house, coming in at 94%!
This is why I encourage people to clean up their homes, make very minor improvements, and leave the remodeling to the people buying the house! I have had great success in giving this recommendation, and now I have some proof to back up my advice!
I wish you the best in selling your home! And if you want a professional to help you that has been selling homes for more than 32 years, I’d love to help you!
Pam Ryan Anderson, Real Estate Broker, email@example.com.