For homeowners one of the most important questions to ask yourself when considering an improvement project (second only to “will I love this?”) is “will this be worth the investment if I ever decide to sell?” This is a daunting question which is not easy to answer. There are so many factors involved including local markets, comps and budget. Luckily for us the Association of Realtors and the Remodellers Council of the National Homebuilders Association (we are members of both) do an annual Cost vs Value report on home improvements, retrofits and remodels.
While Santa Fe and Northern New Mexico do have our own little quirks in this area I think it is a good jumping off point. For example decks, and front door replacements in the mid range category are good performers returning 80.6% and 128.9% on investment respectively. On the higher end remodels replacement of siding (new stucco?) and window replacements (vinyl and wood) performed the best. Check out the full report. It gives average prices for projects and other valuable information. Wise Improvements would love to hear your reaction to this study and your experiences with ROI on improvements and remodels in our local market. If I get enough responses I will post them which may help us all navigate this complex real estate market we all find ourselves in.
Thanks, Joe L.