Are you one of the many people living in Louisville wondering if you should remodel parts of the home and stay in it several more years or simply put it on the market and sell it. You might also be thinking it’s time to fix up the house and then sell it. If so here’s the question your probably asking yourself: Where do you spend the money? As an realtor I can tell you the most popular renovations (and the ones that will help sell your home faster) are in the kitchen and master bathroom. Those are the 2 top hot buttons that will excite a buyer. The problem is if you spend ten thousand dollars to fix up your home say in the kitchen you may not get all of that back when it comes time to sell it.
According to a new Remodeling cost vs. value report a MAJOR kitchen remodel will only bring you a 68.7% return on your investment. So if you spend $58,000 you’ll only get $40,000 back when you sell the home. I don’t necessary agree with that because the new kitchen excites a buyer and could bring in more offer. But it brings up the question where should you spend money (at least according to the report) The number one return apparently is your front door.
The report (see chart below) says that if your spend $1,218 on a new steel door the value of your home would go up $1,243 when you sell your home. The $102.1% recouping of your cost on a new steel front door seems off base to me. Yes, it will help you resell the home but I doubt it would bring you a large increase in price. The chart on the website will give you an insight to returns on your investment if you plan to do improvements.
But take it from us, put some money into the kitchen with new stainless steel appliances, cabinets, counter-tops, recessed lighting and back-splash. Give it the WOW factor and the home will sell faster. The same is true for a master bath. Put in new counter tops, faucet, tub and shower. Add ceramic tile to the floor and wall and watch your home sell faster.
|East South Central — Midrange||2010-11 National Averages|
|Job Cost||Resale Value||Cost Recouped||Project||Job Cost||Resale Value||Cost Recouped||Change vs. 2009-10|
|$13,556||$7,507||55.4%||Backup Power Generator||$14,718||$7,136||48.5%|
|$14,666||$9,944||67.8%||Deck Addition (composite)||$15,620||$10,337||66.2%|
|$9,287||$6,927||74.6%||Deck Addition (wood)||$10,973||$7,986||72.8%|
|$3,363||$2,356||70.1%||Entry Door Replacement (fiberglass)||$3,576||$2,147||60.0%|
|$1,105||$1,104||99.9%||Entry Door Replacement (steel)||$1,218||$1,243||102.1%|
|$76,279||$50,315||66.0%||Family Room Addition||$85,740||$53,624||62.5%|
|$1,189||$1,097||92.2%||Garage Door Replacement||$1,291||$1,083||83.9%|
|$27,349||$14,019||51.3%||Home Office Remodel||$28,888||$13,235||45.8%|
|$54,926||$39,887||72.6%||Major Kitchen Remodel||$58,367||$40,126||68.7%|
|$96,405||$66,281||68.8%||Master Suite Addition||$108,090||$68,146||63.0%|
|$20,772||$16,012||77.1%||Minor Kitchen Remodel||$21,695||$15,790||72.8%|
|$10,230||$8,695||85.0%||Siding Replacement (vinyl)||$11,357||$8,223||72.4%|
|$10,102||$7,916||78.4%||Window Replacement (vinyl)||$11,066||$7,920||71.6%|
|$10,985||$8,787||80.0%||Window Replacement (wood)||$12,027||$8,707||72.4%|
Bob Sokoler is a former Anchor/Reporter turned Realtor 7 years ago in Louisville Kentucky. You can learn more about Bob and his Team at www.weselllouisville.com
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