March 29, 2017

Remodeling your Louisville Home?

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
$45,461 $35,389 77.8% Attic Bedroom $51,428 $37,142 72.2%
$13,556 $7,507 55.4% Backup Power Generator $14,718 $7,136 48.5%
$57,341 $43,615 76.1% Basement Remodel $64,519 $45,186 70.0%
$36,262 $21,165 58.4% Bathroom Addition $40,710 $21,695 53.3%
$15,157 $10,446 68.9% Bathroom Remodel $16,634 $10,668 64.1%
$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%
$54,352 $34,850 64.1% Garage Addition $60,608 $35,876 59.2%
$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%
$19,230 $11,935 62.1% Roofing Replacement $21,488 $12,780 59.5%
$10,230 $8,695 85.0% Siding Replacement (vinyl) $11,357 $8,223 72.4%
$70,222 $38,873 55.4% Sunroom Addition $75,224 $36,540 48.6%
$148,074 $106,898 72.2% Two-Story Addition $165,243 $107,338 65.0%
$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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  3. If I Don’t Sale Your Home in 120 Days, I’ll Buy It!
  4. Selling a Louisville Home – By Bob Sokoler – www.WeSellLouisville.com
  5. What’s new in Louisville Real Estate sales for 2011?

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