Remodeling is often the first thing on the mind of someone who lives in an older home that has dated finishes. Granite or quartz counter tops to replace tile. Hardwood or tile flooring to replace carpet. New counters. New fixtures. The list goes on and on. Clients who are considering selling often ask me if they should do specific improvements in order to prepare to sell. The answer is "maybe." If the clients aren't sure when they are going to sell - be it in the next year or in the next decade - I recommend they do improvements that they want to enjoy while they live in the property. If they put in something only for the resale value and then end up selling in 10 years it is quite possible the improvement they made will be outdated.
A realtor publication I received recently had an article on what terms used in MLS listings resulted in the highest sale price to listing price. Of course there are many other factors at play here and this wasn't a scientific study but two of the top terms were "remodeled" and "dual pane windows." Interesting.
Remodeling, a trade publication that provides an annual report on the cost-benefit of home additions and remodeling projects, gave some percentages on cost recouped for various project types. In the San Diego market the two projects that showed the highest cost recouped were adding a manufactured stone veneer (midrange price) with a recouped value of 124.1% and replacing an entry door (steel - midrange) with a recouped value of 123.1%.
A bathroom remodel (midrange) had a 72.3% recouped cost and a midrange major kitchen remodel had a recouped value of 69.1%. A minor midrange kitchen remodel had about 100% recouped.
This is all good information if you are considering a remodel project. Think about why you are doing it and when, if ever, you plan to sell then make decisions that make sense for you.
