At this time of year, I do a lot of research to update information and statistics I use to advise my clients on what they can do to improve their homes to get ready to sell. A justifiable concern is improving a house they are leaving and will they really benefit from doing these upgrades?
In a perfect world, we'll make back every penny we invest in getting our homes ready for the market but return on investment can come in various forms. It can be measured by the amount of time on the market, peace of mind knowing the home inspection report won't be used to renegotiate a price, appealing to a wider target market making the house more desirable, therefore securingg the asking price and possibly bring multiple offers.
I use statistics from Remodeling's 2014 Cost vs. Value Report (www.costvsvalue.com) even though they are derived from the United States population because our economies and societies are so similar. Nova Scotia has much in common with New England and further, the Halifax Regional Municipality has much in common with Boston so I don't hesitate to use the hyper-local stats collected for Boston.
The following are just the top 5 common mid-range improvements of 35 that will give you the most bang for your buck:
|Improvement Project||Mid-range||Upscale||Mid-range Cost|
|Entry Door Replacement (steel)||92.8%||$1,294.00|
|Garage Door Replacement||84.0%||91.0%||$1,767.00|
|Minor Kitchen Remodel||87.7%||$22,175.00|
|Siding Replacement (vinyl)||94.2%||$13,231.00|
|Window Replacement (vinyl)||85.6%||$11,439.00|
The results in investing in kitchen remodeling was surprising in that a mid-range major kitchen remodel outperformed an upscale major remodel but both did not perform as well as a minor kitchen remodel (87.7%).
I wasn't surprised to see vinyl siding replacement ranking high (94.2%) but amazed that it performed close to the more expensive upscale upgrade of fibre-cement siding replacement and earned more than foam-backed vinyl.
If you would like a complete report of what would be most applicable for the Halifax Regional Municipality, write me an email and I'll send it to you immediately.