Selling Your Katy Home? Curb Appeal Matters Now More Than Ever
For the second year in a row, Realtor Magazine reports that exterior remodeling projects, i.e., maintenance that enhances the value of your property not things like a sunroom, return the most money, as a percentage of cost. This is detailed in the annual Remodeling Cost vs. Value Report-2008. Texas was a region that consistently returned a higher percentage of remodeling costs upon resale.
“Because today’s buyers have much more to choose from in the way of inventory, any home for sale must make a positive first impression,” said National Association of Realtors President Charles McMillan. He continued, “As a trusted source for real estate information, Realtors understand what attracts and motivates their buyer clients, which is why the results of this year’s Cost vs. Value report underscore the importance of curb appeal in the buyer’s eye.”
The 2008 Remodeling Cost vs. Value Report compares construction costs with resale values for 30 mid-range and upscale remodeling projects. This is the 11th consecutive year that the report, which is produced by Hanley Wood, LLC, was completed in cooperation with REALTOR Magazine. Realtors provided their insight into local markets and buyer home preferences within those markets.
According to Realtor Magazine, “In addition to wood decks and siding, window replacements and kitchen remodels also returned a relatively high percentage of remodeling costs on a national basis. All types of window replacements – upscale and midrange wood and upscale and midscale vinyl – returned more than 76% of costs. A major midrange kitchen remodel returned 76.0% of project costs, while a minor midrange kitchen remodel returned 79.5% of costs.”
The discussion continued, “On a national level, bathroom remodels, while still a relatively good investment, do not return as high a percentage as in previous years. A midrange bathroom remodel was estimated to return 74.4% on resale, comparable to a midrange attic-to-bedroom conversion, at 73.6% of costs recouped, and a midrange basement remodel, at 72.7% of costs recouped.”
Just like last year, home offices, sunroom additions and back-up power generators returned the very least of their cost, all close to only 50%.
McMillan explained that the resale value of any given remodeling project depends on a variety of factors. “A home’s overall condition, availability and condition of surrounding properties, location, and regional economic climate are all factors that will influence the value of any remodeling project,” he said.
McMillan continued, “That’s why it’s important to consult with professionals like Realtors in your area when you want to enhance the value of your home. Realtors see hundreds, if not thousands, of homes every year with their buyer clients and can provide valuable insight into what projects and improvements will make a difference with buyers in your area.”
For information about Katy area homes, you can search the entire Houston MLS from this blog. For questions or to tour any area homes, contact me directly at 713-818-2404. I have specialized in Katy real estate for over 20 years. Experience does count!
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