11/08/2011

What Are the Best and Worst in Home Remodel Values for Long Beach/Los Angeles?

The latest Cost vs Value report is out!

Cost vs. ValueBuyers often want a 3 bedroom house or condo not because they need all the bedrooms for sleeping quarters, but because they need office space. Interestingly, according to this Report, the home office remodel could be the lowest in terms of recouping cost.  One of the things to consider is a future buyer's need for an actual bedroom and the closet that was previously turned into office shelf or storage space. 

The next two items with under 50% return on original cost are a sunroom addition and backup power generator--with the fourth on the list being a bathroom addition at 53.5% return.

The top best return remodels are a steel entry door replacement (100% return), garage door replacement, deck addition and minor kitchen remodel, alnd with siding replacement and vinyl window replacement--all over 70% cost recoup.
The only item in the 2011 report to increase in return on original cost was the garage door replacement, included for the first time in the report--new garage doors add curb appeal on a prospective buyer's first impression of a home, and are also one of the lowest actual cost projects to install for a homeowner. (Just think of the times you pulled up in front of a great house with a weathered garage door.)  All other items in the report have decreased.

Master suite addition and family room additions are between 60-70% return.

Overall, exterior replacement projects under $25,000, rather than more expensive remodel projects, are leading the way in return on cost, since they are less expensive.  The outdoor wood deck tied with the minor kitchen remodel.

Owners might want to consider utilizing existing space for conversions--they may be less expensive than a new addition, and they don't change the original floorplan or "footprint" of the home. 

If an addition does not have a good flow for the overall floor plan of the home, especially considering the price of a home, a buyer may go elsewhere to find a more recently built home that was designed for such amenities.

See the 2010-2011 Cost vs. Value annual report by Remodel Magazine for the Los Angeles area,

To find properties in all Long Beach (and nearby cities) areas and types, please go to this property search.

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