Think curb appeal. For Indianapolis sellers trying to maximize final sales price with a minimum out-of-pocket, that is the message of the “2013 Cost vs. Value Report” (www.costvsvalue.com), which bases its conclusions on data gathered from nearly 3,900 Realtors®, appraisers and agents, together with cost estimates by RemodelMax, a publisher of estimating tools for remodelers.
Why curb appeal? Not to state the obvious, a home’s exterior is usually the first thing buyers see when shopping for a home. Why risk making a bad impression when making a good one is much easier, and cheaper, than you think?
According to the report, “Historically, exterior replacement projects have always achieved a higher overall cost-value ratio than discretionary projects, and that is once again the case. The average cost-value ratio of all 14 replacement projects in our report is 67.6%, almost 8 points higher than that of the 21 discretionary projects, which together average 59.7%.”
But “exterior improvements” encompasses a whole range of home improvements, such as façade, shutters, lawn and landscaping, driveway, etc. Turns out, replacing your front door with a steel door is #1 exterior improvement you can make out of a possible 35 midrange and upscale remodeling projects, with sellers realizing an average 86% return on investment at closing. This is in large part due to the low cost; expect to pay around $1,137 for everything.
Other “midrange” improvements that yielded high returns included a deck addition (wood), garage door replacement, minor kitchen remodel, window replacement (wood). Among the top “upscale” improvements were siding replacement (fiber-cement), grand entrance (fiberglass), major kitchen remodel, and bathroom remodel.
© 2013 Hanley Wood, LLC. Complete data from the Remodeling 2013 Cost vs. Value Report can be downloaded free at www.costvsvalue.com