What are the best Home Improvements for your dollar in St Louis MO
The Cost vs Value Report published by Remodeling Magazine every year is one of my favorite reads. The report is based on 36 projects and broken down by cities and areas across the country as well as giving the national average for the return on investment for home improvements. It is also broken down into mid-range and upscale homes.
There are many caveats that go along with these statistics. There are many things that are musts. For example, using the filter search on the internet many buyers don’t even look at houses with only 1 bath. If you live in a neighborhood where almost all of the homes have outdoor space, you are going to be on the cutting room floor if you don’t have a deck or patio.
If you are considering a home improvement, do two things: consult your real estate agent.
The cost vs value varies from neighborhood to neighborhood. Your agent will be able to go over past sales in your area and give you an idea of what pays off and what doesn’t. Secondly, make sure you do the project so that you and your family have time to enjoy it. Don’t wait until 2 months before you are going to sell.
In Remodeling Magazines Cost vs Value 2015 report for mid-range homes, the payoff was down on a national basis for all projects except: steel and fiberglass front entry door replacement, garage doors, roofs and vinyl siding. In the mid-range homes in St Louis MO, according to the cost vs value report, the return on investment on home improvements showed an increase in: attic bedroom remodel, deck addition (wood and composite), minor kitchen remodel, roof, vinyl siding and wood window replacement. A new category this year is manufactured stone veneer which had a 92.2% return nationally but only a 77.5% return in the St Louis market.
Here are my favorites for most of the St Louis market: (source: Remodel Magazine – West North Central)
1. I love the attic bedroom remodel. It’s a way to add on to your home without breaking the bank and gives an 82.7% return on your money. According to Remodeling Magazine, the average job cost is $54,580 with a resale value of $45,154 in St Louis MO. My experience is that this can be done for a lot less by being creative.
2. Next on my list is a deck addition. Many of my clients are looking for good outdoor space. Adding a deck or a patio and a fire-pit is very attractive to many of my clients. In St Louis MO, mid-range homes, a wood deck addition was estimated to cost $10,459 with a return of $8280 showing a 79% return on investment. A composite deck addition was estimated to cost $16,460 with a return of $11,656 giving you a 70.8% return on investment.
3. A minor kitchen remodel showed a 101.7% return on investment in our area. Remodeling Magazines estimated cost of a minor kitchen remodel in the mid-range homes was $20,038 with a return of $20,370. Many times a kitchen can get a facelift without spending that much money. Many homeowners are adding hard surface countertops, new appliances and new floors to make the kitchen seem less dated.
4. Wood window replacements showed a 100.7% return on investment. The estimated cost was $11,765 with a $11,846 return. Replacing windows can make a huge difference in the curb appeal of your home as well as the utility bills.
5. I am not a particular fan of vinyl siding. However, it shows a high return on your dollar at 72.9%. The estimate in Remodeling Magazine for vinyl siding replacement was $12,742 with a $9,288 return. The value that vinyl siding adds to your home depends upon your neighborhood. My preference for siding would be the Hardie Board siding and/or some stone veneer accent.
Check out my post from last year to compare home improvement projects and/or go to Remodeling Magazine for their full report. The report has a lot of information.
Give me a holler if you’d like to discuss a strategy for selling your home or just want an opinion about the value added with whatever home improvement you are considering.
Today it’s your home, tomorrow it’s your asset.
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