Selling vs. Renovation in Pawleys Island, SC - Put your dollars to work for you!

Posted By Tara Melech @ Apr 15th 2014 10:15am In: Pawleys Island

Make Renovation Dollars Work for You

Spring has finally arrived and if home improvements are on your to-do list, and you can’t decide where to spend your renovation dollars, take a look at the 2014 Cost vs. Value Report for a little guidance. The annual study, done by Remodeling magazine in cooperation with REALTOR® Magazine, looks at how much of your investment you can expect to recoup on renovation projects when you sell.

If you’re getting your house ready for sale and you have a limited amount of resources, the list could help you pick the most worthwhile projects. The report breaks down figures on a national and on a regional basis, so be sure to zero in on the data for your region. Here are some national averages for top projects in two categories.  Pawleys Island is in the South Atlantic Region, so I have also included some average upscale data as well.

Top Midrange Projects

Project Job Cost Resale Value Costs Recouped Consider with Caution?
Steel Entry Door Replacement   $1,162   $1,122        96.6%
Wood Deck Addition   $9,539   $8,334.00 87.4%
Attic Bedroom   $49,438   $41,656 84.3%
Garage Door Replacement   $1,534   $1,283 83.7%
Minor Kitchen Remodel   $18,856   $15,585 82.7% be cautious of personal tastes

Top Upscale Projects

Project Job Cost Resale Value Costs Recouped Proceed with Caution?
Bathroom Addition $72,538 $43,936 60.6% be careful of personal tastes
Bathroom Remodel $51,734 $32,660 63.6%
Composite Deck Addition $35,158 $22,881 65.1%

Garage Addition

Garage Door Replacement

$82,311

$2,791

$48,065

$2,315

58.4%

82.9%

Top Upscale Project - South Atlantic Region (includes South Carolina)

ProjectJob CostResale ValueCosts RecoupedProceed with Caution?
Bathroom Addition $69,088 $42,255 61.0%
Bathroom Remodel $49,460 $32,164 65%
Composite Deck Addition $33,391 $21,806 65%
Fiber-cement Siding Replacement $12,452 $11,059 89%
Roofing Replacement $31,025 $20,774 67%

Certain projects should be considered with caution if you’re looking to maximize the return on your investment. For example, among midrange projects, the resale value of a $28,000 home office remodel was only $13,697. And the resale value of a $73,546 sunroom addition was $38,011. See the full report, along with regional breakdowns, at http://www.remodeling.hw.net/cost-vs-value/2014/.

 

Real Estate Matters: News & Issues for the Mature Market

The Litchfield Company
14290 Ocean Highway 17
Pawleys Island, SC 29585
Tara Melech, Realtor, SRES
(843) 907-8787



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