Palos Verdes Home Improvements Cost vs Value 2018
Palos Verdes homes owners ask me what they can do to get the highest sales price for their home. In addition to a realistic listing price, it is important to remove the clutter and stage your home along with possible home improvements. Which home improvements and remodeling projects give the greatest return on investment? For owners of Palos Verdes homes (and Los Angeles County) who choose upscale remodeling, the top three projects for 2018 are the same as last year but the returns are higher. The remodeling project with the highest return on investment is Garage Door replacement at a 145.6% return followed by Window Replacement (wood) at a 96.1% return (vinyl at 95.3%), and Grand Entrance (fiberglass) at a 90.8% return according to Remodeling Magazine’s “Remodeling 2018 Cost vs Value Report” (www.costvsvalue.com) © 2018 Hanley Wood Media Inc. As you can see, curb appeal is important to buyers who are getting the first impression of your home. In the midrange category, Manufactured Stone Veneer received the number one return on investment at an outstanding 157.2%!
Of the top 8 upscale remodeling projects with the best return on investment for Los Angeles County, 4 are under $25,000 and include both vinyl & wood window replacement, garage door replacement, and grand entrance (fiberglass). A Midrange Bathroom Remodel is $23,684 with a 90.8% return. An upscale Master Suite Addition, which is the most expensive at $292,649, only nets a 63.6% return.
Owners of Palos Verdes real estate remodel for different reasons, like the need for more space, to improve the functionality of specific rooms and to update them. Kitchen and bathrooms are usually the most expensive remodel as plumbing and/or appliances need to be moved and/or replaced. There is no specific report for Palos Verdes homes but there is a Remodeling 2018 Cost vs Value Report (www.costvsvalue.com) for Los Angeles County which is broken down into Midrange priced projects and Upscale priced projects. When you go to the site (www.costvsvalue.com), choose Pacific region and then Los Angeles. You will be prompted to register before gaining access to the report. The beginning of the Report has descriptions of individual projects (both mid-range and upscale) and you can then compare to your own.
Remodeling just for resale rarely nets you a dollar for dollar return. Most remodels are done for the enjoyment of the homeowner (who still wants to maximize their return when they do sell). My experience is that most buyers are looking for newer kitchens, bathrooms, master suites and nice yards. Curb appeal is very important because it is the buyer’s first impression of the home.
To read my prior article on Cost vs Value 2017, click here.
Photo courtesy of Arvin Design
