According to many experts in the building business, homeowners are ready to make 2012 a banner year for remodeling, and the latest cost-for-value research suggests that getting the most bang for every buck is more important than ever. Remodeling Magazine’s annual Cost vs. Value report for 2011-2012 found that the trend right now is replacement over remodeling—swapping out the old for the new rather than doing a total gut job, which can be much more costly. Exterior replacement projects—such as new garage doors or a new entry door—offer some of the best returns at resale, allowing owners of Virginia Beach VA homes to recoup close to 70 percent or more of the costs of the project at times of resale. Based on what home owners stand to recoup at time of resale,RISMedia recommends these mid-range projects:
1. Replacing the entry door to steel
Estimated cost: $1,238
Cost recouped at resale: 73 percent
2. Attic bedroom
Estimated cost: $50,148
Cost recouped at resale: 72.5 percent
3. Minor kitchen remodel (including new cabinets and drawers, countertops, hardware, and appliances)
Estimated cost: $19,588
Cost recouped at resale: 72.1 percent
4. Garage door replacement
Estimated cost: $1,512
Cost recouped at resale: 71.9 percent
5. Deck addition (wood)
Estimated cost: $10,350
Cost recouped at resale: 70.1 percent
6. Siding replacement (vinyl)
Estimated cost: $11,729
Cost recouped at resale: 69.5 percent
What projects should you avoid? According to Bankrate and US News these six projects are not cost-effective:
1. Home office remodel: Property owners who remodel a home office recoup on average less than half of the project’s cost when they sell.
2. Sunroom addition: Brings in only about 51 percent of the project’s cost
3. Bathroom addition: Only about 60 percent of the project’s cost is recouped when Virginia Beach VA home owners sell their residence.
4. Backup power generator: Will bring on average a return of only 59 percent of the project’s cost.
5.Garage addition: Virginia Beach VA home owners who build a garage addition get back approximately 62 percent of the project’s cost when they sell their home.
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April has distinguished herself as a leader in the Virginia Beach Virginia real estate market. April assists buyers looking for Virginia Beach VA real estate for sale and aggressively markets Virginia Beach homes for sale. April is also a Short Sales and Foreclosures Resource Specialist (SFR). Avoid foreclosure and short sale expert, committed to helping families in financial hardship find options to foreclosure.
You can reach April at 757-227-1777 or by email, april@remaxvb.com.
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