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2013-08-05 15:12:41
2013 Top Cost vs Value Repairs

What are the top cost vs value repairs you should keep in mind as you get ready to sell your home in Daybreak Utah?

If you are getting ready to sell your home, the first step is meeting with an agent. Your Realtor should come prepared to a listing appointment with comparable properties and market data to help determine a listing price for your home. If you have a good agent, they will also take the time to walk through each room of your home and offer some suggestions of repairs that should be made and give some staging advice. Remember, agents see thousands of homes each year. They can offer unbiased suggestions that are meant to help your home sell, not offend your decor! Taste is personal and we all design our home to fit our personal style, but keep in mind while selling your home you are trying to appeal to the masses and this is where home staging tips comes into play.

In addition to staging, I also mentioned repairs. You might wonder, 'if I'm selling my home why is it necessary to complete repairs?'

When your home goes under-contract the buyer's inspector will identify repairs and the buyer will ask for them to be completed before closing. It can be beneficial to complete these repairs in advance for two reasons.

First, it will help with market appeal when your home is listed in good condition. Second, you will have the control to complete the repairs and find the contractor without having to coordinate with the buyers. Also for convenience and to avoid underwriting problems with the lender, buyers may try to negotiate for a reduction in purchase price in lieu of repairs which can be more costly for the seller than simply having something fixed.

So your next question is likely 'how do I know what repairs are worth completing and which ones should just be left as-is?'

If you have a home to sell in Daybreak, we would be happy to walk through your home and provide suggestions and identify potential issues that are likely to be picked up in a home inspection. We can also suggest minor improvements that will help your home show at its best. For instance, we just meet with a client at a home in daybreak and suggested the addition of cabinet hardware to give their kitchen a more custom feel. This $200 addition made their cabinets look upgraded from the typical builder standard.

The July 2013 edition of REALTOR Magazine also recently provided a list of the pre-market improvements that have the greatest return. Here is the list of 'Top 10 Midrange Projects and the Cost vs. Value analysis on what you can recoup when you sell. Keep in mind, not every repair will pay off with a dollar-dollar increase in listing price. However, some repairs will add to Market Appeal. This can be very beneficial in finding a buyer for your home,  especially when there are competing homes for sale.

#1 - Entry Door Replacement
Job Cost: $1,137
Resale Value: $974
Cost Recouped: 85.6%

#2 - Wood Deck Addition
Job Cost: $9,327
Resale Value: $7,213
Cost Recouped: 77.3%

#3 - Garage Door Replacement
Job Cost: $1,496
Resale Value: $1,132
Cost Recouped: 75.7%

#4 - Minor Kitchen Remodel
Job Cost: $18,527
Resale Value: $13,977
Cost Recouped: 75.4%

#5 - Wood Window Replacement
Job Cost: $10,708
Resale Value: $7,852
Cost Recouped: 73.3%

#6 - Siding Replacement (Vinyl)
Job Cost: $11,192
Resale Value: $8,154
Cost Recouped: 72.9%

#7 - Vinyl Window Replacement
Job Cost: $9,770
Resale Value: $6,961
Cost Recouped: 71.2%

#8 - Basement Remodel
Job Cost: $61,303
Resale Value: $43,095
Cost Recouped: 70.3%

#9 - Major Kitchen Remodel
Job Cost: $53,931
Resale Value: $37,139
Cost Recouped: 68.9%

#10 - Composite Deck Addition
Job Cost: $15,084
Resale Value: $10,184
Cost Recouped: 67.5%

Does anything on this list surprise you? I personally was surprised at how expensive it is to add a deck. It was also interesting that replacing the front door recoups the highest percentage of cost. This goes to show how important first impressions really are!

Recently, my family decided to buy a home in Daybreak. We purchased a home in Daybreak a few years ago and with the addition of our second baby we knew it was time to move. We love our area so much that when there was a home for sale in Daybreak just a few streets away it worked out perfectly.

After we moved in we completed what would fall into the category of a Minor Kitchen Remodel. The wood cabinets were still in great shape, but we wanted to change the style of the kitchen so we had them refinished. We also added stainless steel appliances, new lighting, and hardware. We love how it turned out and although we are not planning to sell, this kitchen update would likely result in a higher future re-sale value.

daybreak kitchen daybreak home

 
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