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Close, but no cigar...
#7 Minor Kitchen Remodel
#8 Midrange Bathroom Remodel
#9 Midrange Vinyl Window Replacement
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If you live in the Richmond metro area and are considering some home improvements, you’ll want to know what types of improvements matter most to potential buyers. Local realtors, home improvement specialists and recent home value surveys conclude that what buyers want in Richmond's real estate market is a home that is energy efficient, good-looking and structurally sound. And perhaps most importantly, two key areas of the home need to be updated and upgraded. You may be surprised at the results.Insert text here
Here are the six home improvement projects that will impress potential home buyers, whether you are planning to sell in the next few months or the next few years.
1, 2. & 3. Siding Replacements.
In Remodeling Magazine's recent "Cost vs Value" 2007 survey on home improvement projects, the top three projects for Richmond in 2007 were all replacement siding jobs.*
1. Fiber-Cement (better known as Hardiplank);
2. Foam backed vinyl
3. And Vinyl siding
Surprised? Both vinyl siding and cement board siding are popular options in the metro Richmond area. It’s easy to see why. They dramatically improve curb appeal, are low maintenance, improve energy efficiency and are environmentally friendly. Expect to recoup 102.2% to 110.8% on the value of a vinyl siding job locally. Cost-wise, Fiber Cement is the most expensive, but gives you the best value overall. Foam backed vinyl is the next most expensive and strikes a balance with cost and energy efficiency. Here are a few things you may not know about siding:
Vinyl and fiber cement siding, like Hardiplank, now come in cedar shake squares, realistic stone patterns, soft scallops, board & batten or even beaded porch panels for that very Richmond “beaded ceiling” look.
Several of the home building industry’s most respected organizations are
verifying the green attributes of vinyl siding, continuing to advance the product’s environmental worthiness.
Fiber cement siding may have a top coat applied at the factory. Otherwise, painting is required every so often, though not as often as wood. Why not? Simple, fiber cement doesn’t absorb water.
Colors abound and differ by manufacturer so you don’t have to stick to neutral colors and trim. And yes, there are different grades of vinyl siding in a range of prices so do your homework when comparing costs
4. Upscale Window Replacements
Of the 27 major zip codes in the Richmond Metro area, only 6 have homes with an average age of 20 years or less. (portions of Glen Allen and Midlothian). New windows anyone? You guessed it-next on the list of great improvements is window replacement. But not just any old windows. To get the best return on your money, go for the upgrade. One of the major barriers to getting high end new windows is the upfront cost for materials and labor. Well, if it is any consolation to homeowners, the majority of that money will be recouped when the home is sold. Estimates run between 93.7%-97.6% return on investment when replacing upscale vinyl or wood windows* And the even better news is that competition has driven pricing down. Though wood replacement windows give a more upscale look, it’s vinyl that gives the much better return on value in Richmond. Whether vinyl or wood it’s an upgrade worth the money.
5. Midrange Attic Bedroom Remodel
If you think the idea of an attic bedroom remodel is too daunting, keep in mind that it is the midrange attic renovation projects that actually net the highest return at resale. A mid range bedroom project might include framing, drywall and insulation in the bedroom area. Also windows, a closet, minor electrical and HVAC to heat and cool the space. Lastly flooring, painting and lighting in the bedroom and a small bath with a shower complete the transition. The extra space is fabulous and local realtors will tell you that anytime you add a bedroom, it is money in the bank. Expect to get about a 96.7% return at resale* when doing a midrange attic bedroom remodel in the Richmond area.
6. Midrange Basement Remodel
Speaking of adding space…As some off the most valuable square footage in a house, basement remodels can add excellent value to a home. In the last few years, there has been an explosion of new basement flooring materials, finishes and waterproof solutions for basements. Many homeowners are remodeling their basements to match their personal tastes. Game rooms, pubs and media rooms are popular options in the area. However, home improvement experts advise those that want the highest ROI on basement remodels to stick with more standard improvements and upgrades, as potential buyers may be turned off by rooms that are not to their taste. A midrange basement remodel in Richmond will recoup you 96.7% with an average remodel costing $37,998.
What didn’t make the list.
You may be wondering (as I was) “What happened to kitchens and baths?” The old adage that kitchens and baths sell houses may still be true, but you’re not going to realize the biggest gains there anymore. Traditionally, they ranked in the top 5 of cost vs. value, but no longer. Minor kitchen and bathroom upgrades and remodels still rank relatively high (in the top 10), but major remodels and additions are at the low end of the cost vs. value scale these days.
What Richmonders want now is a house with maximum use of space, low maintenance and energy efficient. So upgrade modestly inside and consider spending the majority of your budget on exterior solutions.
*“© 2007 Hanley Wood, LLC. Reproduced by permission. Complete city data from the Remodeling 2007
Cost vs. Value Report can be downloaded for free at www.costvsvalue.com.” |
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