When thinking about selling a home, homeowners often consider whether or not a major upgrade should be done to increase the salability of the home. Although repairs and renovations should definitely shorten the time a home is on the market and help sellers get a better price, owners should realize that very rarely will they get back 100% of their investment.
The Appraisal Institute, the national organization of professional real estate appraisers, recently published an article indicating which renovations and repairs have the highest value added for the cost incurred. Click here for this short publication.
Their article is based on a country wide study by Cost VS Value.com. This study, available online, lists the job costs and resale values of the 23 most popular remodeling projects. The prices and resale values are given for both mid-range and upscale renovations.
The costs – and the resale value – of a renovation vary significantly throughout the United States, which makes this study so valuable. The annual Remodeling Cost vs. Value Report not only has national figures, but also the statistics for New England, and various subregions, such as the Manchester-Nashua NH area, the Boston-seacoast NH region, Central Massachusetts, etc.
Access to the statistics is free, and a detailed printout is available by registering with the website. The latest figures for south central and south western New Hampshire are available in the 2014 report, available by clicking here.
The 2015 publication for Greater Boston and Rockingham County NH is available on this webpage, and central Massachusetts information is available here.