YOUR PLACE TO CALL HOME The basics pay off best when remodeling suburban journals branding

Post on: 16 Март, 2015 No Comment

YOUR PLACE TO CALL HOME The basics pay off best when remodeling suburban journals branding

Recently on Facebook, I saw where a Realtor friend of mine said he assured his client who was relocating to St. Louis that there really was grass under all this snow.

Like all of us after all this winter weather, you begin to wonder when or if it will get warmer. Of course, come next July we will be complaining about the heat.

When we spend more time at home during the winter we begin to notice things. Maybe it’s how drafty the windows are or how nicked up and old those kitchen cabinets are, or maybe you are dreaming about riding out next summer’s heat in a new in-ground pool. Whatever your thoughts and dreams, this is the time of year when many of us consider making home improvements.

In last week’s column, I talked about how to decide whether remodeling makes sense for your family and your home. Now, more than ever, we all work hard for the money we earn; and we want to be sure that when we spend it we are making wise investments. Nowhere is that more important than when it comes to your home. Part of every investment in your home is for your enjoyment, and part should always be with an eye to how it will affect the value of your home.

Remodeling Magazine, in conjunction with Realtor Magazine, does an annual survey of remodeling costs and benefits across the nation. The latest survey, released last month, reflects an appreciation for the basics. While this has always been the case, particularly in the Midwest, our challenging economic times have refocused many Americans on the basics in all aspects of their lives.

The home remodeling project that would bring you the highest return on your investment, according to the survey, is the replacement of an entry door with a new steel door. In the St. Louis area, on average this improvement will cost you about $1,350, and will net you an 87 percent return on your investment at resale time. Nationwide, the average for the same project is 102 percent.

Following close behind at 78.5 percent average return on your investment is the replacement of your garage door. This was followed closely by replacing your vinyl siding, which will return you an average of 78.2 percent on your average investment of $12,500.

Not surprisingly, after the replacement of some of the basics in your home, the next best project in the survey was the remodeling of one of the most important rooms in your home, the kitchen.

A minor kitchen remodel will cost you an average of $22,800 in our area and bring you a return on your investment of 76.4 percent when it is time to sell. A major kitchen remodeling will cost an average of $62,200 and return an average of 72 percent of your investment. Kitchens are slightly more important in our area than nationwide, where they average a return on investment of 72 percent and 68 percent, respectively. A minor kitchen remodeling is replacing the cabinet fronts, oven and cook top, and flooring while leaving the current layout in place. A major kitchen remodeling, according to the survey, encompasses completely gutting the kitchen and starting from scratch.

Somewhat surprisingly, the renovation of the other essential room in the house, the bathroom, did not rank as high in the survey. A bathroom remodeling project in our area will cost an average of $18,170 and provide a return on your investment of 63 percent. Nationally, bathroom remodels are a little cheaper and provide a bit more return on your investment, with an average cost of $16,600 and an average return of 64.1 percent.

If you are thinking about adding to your home, additions rank behind most home remodeling projects in their return on investment. Surprisingly, the addition of a bathroom will net only a 53.7 percent return on your investment as compared to a 63 percent return on an added master suite or a 65 percent return on a deck addition.

It is important to remember that all of this information is based on average costs. Your neighborhood, style of home and personal tastes will influence the resale value of any remodeling or home improvement efforts. When planning remodeling or home improvements, it is important to take into account your family needs and future plans. If you plan to live in your home for many years, resale value probably is less important to you. After all, that remodeled kitchen will no longer be newly updated five to 10 years from now. If you plan to move in the next couple of years, the return on your investment will be more important to you.

If you have unique personal tastes, be careful if you are concerned about resale value. Potential buyers might not share your sense of style and might not be willing to pay for it. Your Realtor is a good source of information about remodeling and home improvement projects popular in your neighborhood. By the way, if that pool is in your dream plans, be sure to enjoy it. With our climate, a pool adds little or no resale value to your home.

Call your St. Charles County Realtor today and start fulfilling your dreams.

Carol Alexander is the 2011 president of the St. Charles County Association of Realtors. E-mail her at comments@StCharlesREALTORS.com if you have any real estate-related questions or comments you would like to see addressed in this column.

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