You may select a house know it needs updating.
However, the remodeling projects you have in mind may not give you a dollar return when you sell the house. Whether the project is small or large, inexpensive or costly, the best of all reasons to remodel is for personal enjoyment, said Karen Fratarcangelo, director of concierge services for Coldwell Banker Success Realty.
“Amenities should be viewed as an investment in quality of life,??? she said. Before you buy the intent to remodel, consider:
- How long you place to stay in the home. “it is pointless to go through extensive remodeling projects if you are going to turn around and sell the home right away,??? Fratarcangelo said.
- Whether the redo will fit in with the neighborhood. Adding a second story makes no sense aesthetically or from a resale point, if there are not two-story homes in the neighborhood.
- Whether the remodeling project will price the home beyond its fair-market value. Some large projects, such as major kitchen remodels, might make the home too pricey for the neighborhood.
- Kitchen and bathroom updates tend to deliver the most bang for the bucks, both in enjoyment and resale value. Depending on the project, you can recoup 50 to 88 percent of the cost when you resell the home, Fratarcangelo said.
- Quality flooring is important. In small homes, install the same flooring throughout, Fratarcangelo recommends. Different flooring in each room can make a small home look even smaller and patched.
Your return on fix-ups
Remodeling projects, their expected costs and paybacks in the Valley:
Minor Kitchen Remodel
- Description: Updating a functional but dated kitchen by refinished cabinets, repainting, installing a new oven and new flooring and more.
- Expected cost: $13,864.
- Expected payback: 88 percent.
Major Kitchen Remodel
- Description: Installing new cabinets, flooring, wall oven, microwave, countertops, cooktop, custom lighting and more.
- Expected cost: $34,784.
- Expected payback: 85 percent
- Description: Redoing a 5- by 9-foot bathroom that’s 25 years old with new tub, toilet, tile floor, ceramic-tile surround and solid-surface vanity.
- Expected cost: $8,453.
- Expected payback: 81 percent.
Master suite addition
- Description: Adding a 16- by 24-foot room, including a whirlpool tub, tiled shower, double vanities, tile bathroom floor, walk-in closet and carpet in the bedroom.
- Expected cost: $60,906.
- Expected payback: 72 percent.
Family room addition
- Description: Adding a 16-f by 25-foot room, done in wood framing, a shingle roof and two skylights and more.
- Expected cost: $45,318.
- Expected payback: 64 percent.
Source: REALTOR magazine’s November 2001 issue.
By Sue Doerfler