Yesterday I had the pleasure of attending the National Association of Realtor's webinar on cost vs. value. Every year they publish a report based on the best home repairs and upgrades when selling. The information was fascinating and I found to be very much in line with the trends here in CT. In this buyers market, more and more of my sellers are looking for advice as to what improvements will give them the "biggest bang for their buck" while attracting the most buyers. Here are some of the findings….
Nationally the best upgrade for a home was modifying an older, wood front door to a steel door with a 102% cost recoup; a project I have overlooked. Typically when I critique a home, I’m going through the kitchen and baths with some fixup tips on light fixtures, hardware, and paint choices...never considering the front door. The increase in curb appeal and savings in energy are what gives this repair high marks.
I found the projects for my market area, Hartford, CT, to be fairly accurate with siding being the number 1 project, minor kitchen remodel the number 2 project, and a wood deck addition as the number 3 project. Although I don't have clients specifically requesting vinyl siding, it does improve the curb appeal and thus a client’s first impressions. The first 10 seconds a buyer spends in your home will determine if they will purchase the home, therefore first impressions are critical. Minor kitchen remodels I still believe are the best way to recoup an investment. Between cabinet refacing, new hardware, updated light fixtures, and some neutral paint.. you can make a kitchen shine. One trend of note is the use of glass back splashes, mid range appliances that mimic high end appliances, and thinner granite with a beveled edge are great ways to add luxury to a kitchen without adding price.
As they mentioned in the webinar outdoor spaces have become the new trend in real estate. I couldn't agree more! Outdoor patios and kitchens this past year were big items on my client's list of "must haves." We installed a beautiful paver patio at our house this year. It's a great investment if you're staying at your house, but probably not the best investment if moving.
To read more about the survey and see how your area compares, visit www.costvsvalue.com. For a specific question regarding an update to your home, contact me at julieismyrealta@gmail.com
Julie Tetreault
Wallace Tustin Tetreault Realty
www.MyRealta.com
No comments:
Post a Comment