When it comes to home ownership we often think in terms of maintenance and updating. Sometimes the lines blur, for example when a front door is not functioning well a new one may be needed which is both maintenance and updating.
Winter can be a good time to work on interior projects (i.e. fresh paint, remove wallpaper) and plan for spring projects. The list can be endless so it is wise to reference public information about what updates are more likely to “pay-off” in the event of a sale. With a strategy “home improvement” doesn’t need to be a bad word.
Link to Remodel Wisely detailed information article.
Region specific information can also be found at www.costvsvalue.com.
For Minnesota specific data a useful table is provided that includes the estimated cost of the job and the contribution to resale. Great information for budgeting and prioritizing.
As we look to spring my favorite project to contemplate is a new deck, since once done it can be enjoyed all summer long. Plus and exterior project will be less disruptive to the homeowner. Consider a natural finish if using wood since it will be easier to maintain vs. paint.
Kitchen, kitchen, kitchen – as I bring buyers around, we find that kitchens have either minor or full updates completed. Some likely done for the purpose of facilitating a sale. If you like spending time in your kitchen you may want to update it sooner vs. later so you get some years of enjoyment out of it. Minor updates (estimated at $21,678) include flooring, countertop, lighting, sliding doors, new cabinet doors and stainless steel appliances. If you can fit an island, it is probably a good upgrade.
Cost recouped on all projects is currently down vs. a year ago which correlates to home sale prices being down overall. The directional information can still be useful when considering a remodel project.
Enjoy your home.
Ingrid c 612-750-6392