Curb Appeal a Big Deal for Salt Lake Home Buyers
by Joel Carson
Utah Real Estate P.C.
A Remodeling Cost vs. Value Report recently released by the National Association of Realtors rates exterior upgrades one of the best home improvement projects if you’re looking for a solid return on your Salt Lake home investment.
Projects like siding, window and door replacements can help recover more than 70 percent of their cost at resale, according to the report.
The Cost vs. Value Report, noted a steel entry door replacement could net the most return on investment. In fact, a Northern Utah home owner could recoup more than 85 percent of the project cost when the home is sold. An NAR press release summarizing the study notes, “The steel entry door replacement is the least expensive project in the report, costing little more than $1,100 on average.”
The report cites its 10 most cost-effective projects nationally in terms of value recouped and a majority of them are exterior replacement projects; all of these are estimated to recoup more than 71 percent of costs.
Report Cites Most Popular Exterior Projects
Three different siding replacement projects landed in the top 10 including the following:
- fiber cement siding, potential return of 79.3 percent of costs
- vinyl siding, expected to return 72.9 percent of costs
- foam-backed vinyl, expected to return 71.8 percent of costs
Two additional door replacements were also among the top exterior replacement projects. The midrange and upscale garage door replacement were both expected to return more than 75 percent of costs.
Thinking of remodeling your Salt Lake home kitchen? Two interior remodeling projects offer a great ROI. A minor kitchen remodel is ranked fifth on the list of Top 10. You could recoup as much as 75.4 percent of costs. Nationally, the average price tag for a kitchen remodel is just under $19,000.
This next one could cause you to look at your attic in a whole new way! The second interior remodeling project in the top 10 is the attic bedroom. It is number eight on the list of Top 10. The project tied with the vinyl siding replacement with 72.9 percent of costs recouped. Nationally such a project costs just under $48,000. The attic project adds a bedroom and bathroom within a home’s existing footprint.
The improvement project projected to return the least is the home office remodel, estimated to recoup less than 44 percent.
Don’t Remodel Just to Sell Your Home
If you are considering home improvements, those discussed here are great ones and they are obviously valuable to potential buyers. However, note there was not one remodel project listed that offered even 100 percent ROI, and certainly none offered a significant gain.
Every Salt Lake home is different. There may be mitigating circumstances regarding the home you want to sell. The bottom line is if you want to remodel your home so it is more comfortable for you and your family, these are some good options. If you are considering a remodel to make your home more valuable for a sale, consult with a licensed real estate professional before you buy the first board.
Need help analyzing your own remodeling project? Please call me at 801-673-3333 today!