For local homeowners whose Grand Forks Area homes will be up for sale in 2018, there’s bound to be some consternation regarding how much time, effort, and budget needs to be directed to the project. In addition to formulating a timetable for extra maintenance in areas where signs of undue wear and tear stand out, there’s the question of whether more ambitious projects are called for. Often, a fresh coat of paint or some deep steam cleaning can make a real difference in how well homes for sale show, but those are the easy calls.
More challenging are the gray areas—places where it’s possible that more major and costly improvements could result in a quicker sale, higher offer—or both. They are gray because no crystal ball (or Tarot card deck or Ouija board) exists that can guarantee that the extra expense and effort will reap a commensurate return.
One information source is the studies which reveal “costs-recouped” statistics for various home improvement categories. These average cost figures shouldn’t be taken too seriously since they are national averages, and Grand Forks Area costs can differ significantly. But they do indicate the relative scope of the projects named. More meaningful for decision-making are the percentages of expenses recouped in each category.
When preparing your home for sale, to answer the question of which, if any, improvements will return their investments, here are some highlights from the National Association of Realtors®’ 2017 survey of results from midrange homes for sale:
- Attic Insulation (fiberglass): $1,343 — 107.7% recouped
- Garage Door Replacement: ($3,300) — 85%
- Minor Kitchen Remodel: ($20,830) — 80.2%
- Entry Door Replacement: (3,276) — 77.8%
- Window Replacement: ($15,282) — 73.9%
- Roofing Replacement: ($20,664) — 68.8%
- Major Kitchen Remodel: ($62,158) — 65.3%
- Deck Addition (wood): $10,707 — 65.2%
- Master Suite Addition: ($119,533) — 64.8%
Zeroing in on the minimum outlay to achieve maximum return will, of course, differ for each home for sale—but the NAR’s findings indicate how hard it is to recoup most expenditures. If we’re tapped to be your Grand Forks Area Realtor®, we’ll be able to serve as a useful source of advice in this department. Knowing what has recently led to success for other Grand Forks area homes for sale allows us to share some practical insights. We hope you’ll decide to give us a call!