Elaine Pavasaris' Blog
Each year, Remodeling Magazine gathers data from nearly 150 markets on the average cost for 21 of the most popular home improvement or remodeling projects. Along with the expenses, they tally the resale amounts of those home in 100 markets in the United States to compare the cost versus the resale value of those improvements.
Each year, as compiled in the Remodeling 2018 Cost vs. Value Report, the researchers share the mid-range and upscale trends from the prior year, and which gave the most return on investment (ROI) for the homeowner.
Here are the highlights from 2018
Top prize for ROI goes to the upscale garage door replacement with nearly 100 percent return for most regions. Other items appearing near the top of the list include mid-range steel entry-door replacements and adding a manufactured stone veneer to your exterior. Farther down the list are the usual suspects, with a minor kitchen remodel and wood deck addition (mid-range) in the lower eighties.
While updating a bath continues to be promoted as a big-seller with a mid-range remodel just over 70 percent, both a mid-range and major upscale kitchen remodels net just above half of the cost and as do bathroom additions in both categories.
View the charts at Remodeling to review region-specific information where the contenders resort according to the local region and city-specific data. Regional price differences in both materials and labor costs; and home sales pricing affect the percentages of return, so the top three or four may change positions in your region.
The idea that a remodel or upgrade ROI never tops 100 percent may be shocking for home-sellers looking to recoup their expenditures. Remember, however, that what constitutes a dollar for dollar return does not factor in what can mean a higher return for you. If your remodeled bathroom or new artistic garage door speeds up the sale time so that you're not trying to make two mortgage payments while you wait for a home to sell, your personal return is more valuable to you than just the selling price over remodeling cost. And, if you've lived in the house after the remodel and enjoyed its benefits personally, the ROI is incalculable by statistical standards.
If you plan to place your home on the market, review the Cost vs. Value Report for your region and city before undertaking significant additions or improvements. Then, consult a realtor specializing in your neighborhood to see what trends may improve the bottom line for your home.
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When it comes to selling a house, it helps to plan ahead. By doing so, a home seller can identify and resolve potential home selling hurdles right away.
With the right approach to selling a house, any seller can minimize problems along the way. In fact, the right approach may increase the likelihood that a seller can enjoy a speedy home selling experience.
Now, let's take a look at three tips to help sellers streamline the home selling journey.
1. Price Your House Competitively
What is your house really worth? This question is difficult to answer for a home seller, as many factors impact the value of a home.
A home's age and condition likely will play important roles in your residence's value. Furthermore, external factors like the crime rates in the city or town where your home is located or your house's proximity to parks and schools may affect your residence's value.
To establish a competitive price for your house, you'll want to study the local housing market. Look at the prices of available houses that are similar to your own; this data can help you define a competitive initial asking price for your residence.
In addition, it frequently helps to perform a home appraisal. During a home appraisal, a property expert will assess your house and provide a property valuation. Then, you can use this valuation to determine the ideal asking price for your house.
2. Conduct a Home Inspection
Although a home inspection generally is completed after a seller accepts a buyer's offer on a house, there is no need to wait. Instead, a home seller can conduct an inspection prior to listing a residence to learn about a house's strengths and weaknesses.
Review the results of a home inspection closely – you'll be glad you did. After a home inspection, you can identify any underlying problems with your house and take the necessary steps to resolve these issues. That way, you can prevent such problems from cropping up after a buyer submits an offer on your house.
3. Hire a Real Estate Agent
If you are unsure about how to price your house or complete other home selling tasks, there is no need to worry. Remember, you can always hire a real estate agent who can provide plenty of support throughout the home selling journey.
A real estate agent understands the ins and outs of selling a house. As such, this housing market expert can teach you about the real estate sector and ensure you can achieve the best possible home selling results.
Typically, a real estate agent will set up home showings and open house events, negotiate with a buyer's agent on your behalf and simplify the home selling cycle. With a real estate agent at your side, you should have no trouble receiving expert responses to your home selling questions too.
Ready to add your house to the real estate market? Use the aforementioned tips, and you can reap the benefits of a speedy home selling experience.