Selling A Home? Survey Says Improvements Help Less
With the housing market still swirling around in the toilet, you might be thinking, "Well, maybe if I redo the kitchen that'll help me sell it for a decent price." The answer is . . . no, it won't.
--"Remodeling" magazine just released the results of their annual survey and found that home improvements are having LESS of an effect on selling price than EVER.
--Up until last year, the average home improvement project boosted a home's price by 86.7% of the cost of the project. In other words, if you spend $10,000 to improve your house, it adds $8,670 to the sale price.
--But in the 2009-2010 survey, home improvements only added 63.8% of their value to the home's selling price.
--The average project cost a homeowner $50,908 and only added $32,497 of value at sale time.
--The survey found that the best projects you can do to add value are exterior enhancements that might not cost that much . . . like door and window replacements. Adding an attic bedroom also helped add value to the house.
--Adding home offices, sunrooms, backup power generators, bathrooms, and garages recouped the least amount of their costs.