Thinking of sprucing up your home?
Every year, Remodeling magazine publishes its Cost vs. Value Report.
This year’s report compares costs for 20 of the most popular professional mid-range and upscale remodeling projects in 100 U.S. markets—and the results can be surprising.
For example, you might think that renovating a dated kitchen or adding a bathroom would bring you a higher sales price when you sell. Not necessarily. According to Remodeling, nationally, a major mid-range kitchen remodel (average cost: $63,829) yields $37,637 on resale, for a 59 percent return, while a mid-range bathroom addition (average cost: $44,717) yields 59.9 percent. One reason why: Buyers generally have their own vision for key areas of a home like kitchens and bathrooms and therefore tend not to pay extra for features they plan to change.
There are tremendous regional variations in recouped value.
If you’ve noticed that projects that enhance curb appeal seem to provide the highest returns, you’re absolutely right.
"Lots of real-estate professionals will tell you that potential buyers begin forming opinions about a home well before they enter it—or whether to stop and go inside at all," Webb says. "A well-maintained exterior projects good vibes regarding how much TLC you’ve given to the place—and adding distinctive elements, such as a handsome door or stone veneer in a neighborhood where nearby homes are bland, can give you a leg up when you’re seeking a higher-than-average bid."