“Honey, maybe we should remodel the kitchen before we sell the house. I think we’ll get a better price!”
Does that sound familiar? It does to us. As experienced Realtors we are frequently asked by sellers if they should invest in some updates prior to listing the house for sale.
So what types of updates should a soon-to-be seller do? No need to guess…the annual Cost vs. Value report is sponsored by several big national players in the construction industry. Their huge database (over 2 billion records) has been sifted and sorted to give state by state statistics. The report lists a large assortment of remodeling projects, along with their average cost, resale value and percent of cost recouped.
Want to take a guess at the project with the highest return on investment? According to the Cost vs. Value 2016 report for the Tampa area, for midrange homes, the award goes to…fiberglass attic insulation at 137% return. For the upscale priced homes, it is a quality garage door replacement at 89%.
And what about that major kitchen remodel? For the midrange homes, a mere 63.6% return. However, a minor remodel would get you 114.6%. For the upscale homes, only 59.2% for the major kitchen remodel. (No data for the minor remodel.)
You can download your own copy of the report, for whatever state and region you’re in, by visiting http://www.remodeling.hw.net/cost-vs-value/2016/.
If you or someone you know is getting ready to sell (or buy), please contact us right away. We are always pleased to be able to share our considerable training and experience to help our clients get the best outcome from any real estate transaction. Contact us at 727.286.1249.Google+