Smart upgrades are worth it. Every year a company called Cost vs. Value, releases a national survey comparing the cost of some of the most popular remodels to value received at resale. Costs are set up on a per region basis, with San Francisco falling under the Pacific (which includes Oregon and Washington states). The caveat if you are a city homeowner is, everything in San Francisco is going to be more expensive than our regional aggregate.
The annual survey then collects input from REALTORS® in 80 cities to rank home remodeling projects according to those that bring the greatest cost recovered at resale. And looking at the three projects that topped the list, it’s clear that first impressions really do matter when sellers list their home.
Big-bang projects can make or break a sale from the moment potential buyers exit their car. A midrange entry door replacement brings the highest payback at a national average of 102.1 percent, followed by a midrange garage door replacement, at 83.9 percent, and an upscale redo of the siding at 80 percent of the cost. Step into the home, and a midrange kitchen remodel recoups an average 72.8 percent. Gaze into the backyard, where a wood deck addition also generates a 72.8 percent return. The methodology for Remodel Magazine’s cost breakdowns can be found: here.
PROJECT 1: Entry Door Replacement (Steel) … Cost $1,218 … Resale value $1,243 … Cost recouped 102.1%
PROJECT 2: Garage Door Replacement … Cost $1,291 … Resale value $1,083 … Cost recouped 83.9%
PROJECT 3: Siding Replacement (Fiber Cement) … Cost $13,382 … Resale value $10,707 … Cost recouped 80.0%
Cost vs. Value: Help Clients Stretch Their Remodeling Dollars [realtor.org]
Next Post: Will removing a bedroom impact your resale value?
Meredith Martin is a life long resident of the bay area and a real estate professional with over 15 years experience. She can be reached at mm@meredithmartin.com.
