Even with home values falling off over the last year, it still pays to remodel, renovate and update. After all, there is no better way to instantly increase the value of your Las Vegas home than through remodeling.
According to REALTOR magazine, homeowners can expect to recoup an average of 67.3 percent of their investment, nationally. Although this number is down about 20 percent from the peak of the housing expansion several years ago, it still reflects that it almost always pays off to remodel your home.
And there are a number of home improvements that almost always enable homeowners to recoup nearly 100 percent (or more!) of their investment. These include:
- Decks
- Midrange kitchen remodels
- Vinyl siding
- Window replacement
Many exterior home remodeling projects enjoy a nice payback because they increase a home’s curb appeal. With that said, it appears that the only interior remodeling project that pays back close to exterior remodeling projects is a mid-range kitchen remodel.
REALTOR magazine recently highlighted the national average that homeowners can expect to get back on popular, exterior and interior remodels:
1. Upscale fiber cement siding (86.7%)
2. Midrange wood deck (81.8%)
3. Midrange vinyl siding (80.7%)
4. Upscale foam-backed vinyl (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)
The amount that you can expect to recoup for your Las Vegas remodel will depend on many factors, including your neighborhood, the cost and age of your home and, of course, the market at any given time.
A good rule of thumb is to find out more information about surrounding homes in your neighborhood before embarking upon a remodel project so that you can be sure you are still in line and competitive with neighboring homes.
Author Bio:
Richard is VIP’s San Antonio real estate broker. View all San Antonio real estate news on our blog.
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Awesome information! Definately something to pass on to clients so they know what will bring them money down the road!
There is no better way to add equity to your home than through “sweat equity”. If you…or your friends and family…have construction expertise, you can increase your ROI even more by doing the renovations yourself. Also, consider minor bathroom renovations as they can also increase your equity.
It’s amazing how something as simple and affordable as a fresh coat of paint can really improve your chances of selling your home. Updated neutral colours on the walls, or perhaps a completely different colour on your kitchen cabinets, will really liven up the space and make it feel warm and inviting. But don’t forget the exterior of your home! A new coat of paint on shutters, or perhaps brick restoration, or even a freshly painted deck, will give your home much needed curb appeal. Check out http://www.renaissancepainters.ca for more info!