When Doing Renovations -Do Your Research
Make smart decisions when upgrading. Gather information before you decide to make a change. The chart below is from Remodeling Magazine. The chart represents the Cost Versus Value Report to assist homeowners in knowing what will give value and what won't.
In Prince William County, Virginia we are all experiencing decreasing home values. So I often get calls from homeowners and they ask. "Is there a way for me to know what improvements will help my bottom line when I sell?" The answer is complicated. Never make an improvement expecting that you will get a dollar for dollar return. The goal is today's market is to love the home you're in, make it shine, and make it the best you can afford. If you must sell, the home must be in tip top condition to attract buyers. We are still in the throws of a Buyers Market. If your home is up to date, has great street appeal and is welcoming when someone enters. If they see shinny light fixtures, switch plates, clean lines and its free of clutter and it's priced well that home will sell. However if you have a room in your home that is truly out of date and stuck in the 80's or 90's it must be updated. You may say it's just paint, the buyer certainly can paint. If a buyer feels there is work to do in a home before they move in, the price goes down considerably. So paint. However if you have a room like the bath featured below it's time to update. The first photo represents the bath as purchased several years ago in Woodbridge Virginia in the boom of the 2005 markets. Back in those days, in the Sellers Market every home sold, regardless of condition or the number of updates it needed.
Here you will see the current homeowners remodeled the main level master bath. I recommended they remove the step up to the shower because they are getting older and the day may come when negotiating a step could be difficult. I recommended they keep the tub since it's the master bath, just downsize the tub and surround for easy access and doubled the size of the shower and added a bench seat inside. The bulk head was removed over the sink, bookcases were added to give a spa like appearance. The basic footprint of the room remained the same, however all of the fixtures were replaced right down to the door knobs and switch plates and the results are dramatic. This bath remodel was completed by Athena Remodelers Inc of Dumfries, Virginia. The cost was approximately $15,000 and it took four and a half weeks. You will see on the charts below a bath remodel can bring on average can bring you a return of 78% or better. Now if you were a buyer in today's market would you buy the home with the old bath or the new bath?
2007 National Averages
Still not sure what area's to upgrade in your home to increase the value? Call me. Let me come take a look and I will coach you on the market conditions and the options you have available to you in the Lake Ridge, Woodbridge area. It pays to do the research than have to suffer the heartbreak down the road that you over improved.
CALL ME TODAY at 703-851-3085
Contact Peggy James or Erick Blackwelder of Erick and Company/Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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