Remodeling cost vs value is top on the list as Lake Oswego homeowners decide how to prepare their home for a soft real estate market. Kitchens and baths have the enjoyment factor that many home buyers appreciate and depending on the size and scale of the project it may pencil out for many. But it does not top the list.
Drum roll please…Exterior upgrades lead the way in return on investment. Yes “Curb is King” when it comes to getting the Lake Oswego buyer out of the car and though that front door.
According to this years Remodeling Costs vs Value report the focus on the importance of exterior projects. These projects not only provide the most value buy are the least expensive projects home owners can take on.
All homeowners should take a close look at the own neighborhood when deciding which home improvement will return the greatest value. Working with an agent that understands your local market is a good first step. Since resale value varies, especially today, over improving can be challenging to recoup your investment if the neighborhood cannot justify price. Knowing the pricing in your neighborhood is as important as the project.
Today 9 of the top 10 projects are exterior projects. Exterior doors even the garage door can give your home a fresh new look with minimal investment and the greatest return from 80-103% of the cost. According to the report, replacement out paces remodeling in most cases. Remodeling projects especially in the high end have been losing ground in recent years which could be our economic climate and overall estimated return is about 60% vs 64% last year.
The 2010-11 Remodeling Cost vs. Value Report compares construction costs with resale values for 35 mid range and upscale remodeling projects comprising additions, remodels and replacements in 80 markets across the country. Data are grouped in nine U.S. regions, following the divisions established by the U.S. Census Bureau. This is the 13th consecutive year that the report, which is produced by Remodeling magazine publisher Hanley Wood, LLC, was completed in cooperation with REALTOR® Magazine.
If you are preparing your Lake Oswego home for market, lets discuss the big picture.
Roberta Nopson