Have you ever wondered how much return on investment you can realistically expect from remodeling your Portland home?
Well, wonder no more. Because here are the latest Portland-specific figures.
The highest return on your remodeling dollar?
According to the Remodeling 2018 National Cost vs. Value Report, replacing a garage door earns a 130.7% return on your investment.
This makes sense, because unless you can entice potential buyers off of their computers, out of their cars, and up to your very attractive front door, you don’t stand a chance of selling them your home.
Although these aren’t listed in the survey, we bet large ceramic pots overflowing with flowers and entry landscaping would reap similar returns on investment—for the same reason.
Curb appeal is nearly everything these days. And the decision to view or not to view the interior of your home is made in a NANOSECOND.
Other high return improvements you might consider are an entry door replacement (92%), minor kitchen remodel (86%), wood deck addition (70%), or midrange bathroom remodel (80%).
The lowest return on your remodeling dollar?
An upscale master suite addition (56%). Closely followed by a backyard patio (57%).
We surmise that this is because these rooms, although nice to have, are either not considered ESSENTIAL by most buyers or do not add to the glamour of the home.
Also, once buyers get inside your home, it’s the kitchen and primary bathrooms that get the most scrutiny. Why? Because they are necessary, expensive, and time consuming to replace, and home buyers know it.
But what about the kitchen? Does a remodel pay off?
Actually, on this front, you will recoup more money on a minor kitchen remodel than a major remodel: 86% compared to 67%. As the old saying goes, the steak matters, but the sizzle matters more.
Is this the end of the long slide in remodeling cost-value ratio?
According to the Remodeling 2018 Cost vs. Value Trend Report, “The average cost and average return at resale for the 21 projects in this year’s report resulted in an average of 82% of a project’s investment dollars getting recouped if the home is sold within a year.
Remodeling your Portland home for resale can pay off IF you invest in improvements buyers most want to see. Maybe more importantly though, a thoughtful remodel will give you a competitive advantage–perhaps making a difference as to whether your home sells at all.
Except at the lowest price points, today’s buyers expect a move-in-ready home. Everything you can do to facilitate that will improve your chances of getting the best price for your home, in the shortest possible time.
NOTE Figures cited here are for mid-range price homes. These vary somewhat for upscale price homes.
Tell Me More
- The Real Kitchen Design Trends In 2018 | The Most Chic
- 2016 Cost vs Value Report | Remodeling
- 2016 Pacific Regional Cost vs Value Report | Remodeling
- 2016 Portland Cost vs Value Report | Remodeling
- Key Trends in the 2016 Cost vs. Value Report | Remodeling
- Will Your Home Remodel Pay Off? | Investopedia
- Home Remodeling Costs vs. Value | Total Protect Home Warranty
- Home Remodeling: 6 Improvements to Increase Home Value | House Logic
- Cost vs Value | Realtor Magazine
- 2015 Remodeling Cost vs. Value: Less Is More | Realtor Magazine
- 9 Kitchen Trends That Can’t Go Wrong | House Logic
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