Prioritizing Home Remodeling Projects
Being able to help sellers prioritize home improvements and maximize their net on the sale is a key value real estate agents offer. For a range of home improvement projects, the Remodeling Impact Report compares estimated cost (estimates are from a NARI member survey) with real estate professionals’ estimates of the likely dollar value at resale.
The report revealed the following home remodeling projects may offer the highest returns, based on their estimated cost recovery at resale:
- New steel front door: 100% (estimated return based on upfront cost)
- Closet renovation: 83%
- New fiberglass front door: 80%
- New vinyl windows: 74%
- New wood windows: 71%
- Basement conversion to living area: 71%
- Attic conversion to living area: 67%
- Complete kitchen renovation: 60%
- Minor kitchen upgrade: 60%
- Bathroom addition: 56%
- New primary suite: 54%
- Bathroom renovation: 50%
How The Damis Team Can Help
The Damis Team pros are finding themselves an important ally in helping to guide remodeling decisions to help ease some of that stress. Clients turn to them for reputable contractors, as well as for guidance in prioritizing remodeling decisions.
“A real estate professional absolutely can help clients with remodeling,” says Angie Hicks, co-founder of the home services site Angi, formerly known as Angie’s List. “I always like to say, ‘You want to keep up with the Joneses, but you don’t want to beat the Joneses.’ If you have three bathrooms when everyone else has two, you won’t be getting the return on that. In thinking of the resale on your house, a real estate agent is going to be a great person to talk to.”
According to NAR’s Remodeling Impact Report, the top agent-recommended projects were painting—either the entire home or at least one room—as well as installing a new roof, if necessary, to make a home more marketable.
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