One of the questions we get asked the most by people who want to sell their property is whether they should make any repairs/upgrades before they sell, and if so, whether it will increase the sale price of their house.
According to a recent “Remodeling 2018 Cost vs. Value Report” (www.costvsvalue.com) , the answer depends a lot on what type of work you’re thinking of doing.
The report analyzed a wide range of possible upgrades, everything from smaller projects (like replacing a front entry door) to large-scale renovations (like adding on a master suite addition). Based on its findings, virtually every upgrade studied would increase the resale value a homeowner could expect to receive by selling their home. However, the value of that increase depends a lot on the financial outlay the homeowner would have to make to do the work. Some projects, like a mid-range patio installation, would allow homeowners to recoup only about 48% of the cost of the renovation. Others, like major kitchen and bathroom remodels, could result in much higher amounts of costs recouped (in the 75-90% range).
Ultimately, the number one repair for Boston-area homeowners turned out to be the replacement of a garage door with an upscale remodel. According to the report, homeowners could expect to receive a return of 104.5% for any investment made to make such a repair, resulting in a net profit of about $200 upon sale, on-average.
We are intrigued by the information in the report, and we find its conclusions to be very interesting. But, in the end, we also think that the topic of home repair is very subjective, depending a lot on the individual characteristics of a specific property and the market in which it will be sold. Every home is a separate case. As real estate agents, we have experience advising homeowners on such matters and providing them with localized information about how home repairs could benefit their chances of selling their home. If you’re interested in finding out more about how such changes could improve your home’s value, please contact us.
 “Remodeling 2018 Cost vs. Value Report”, (c) 2018 Hanley Wood Media, Inc. Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.