Some owners of
Casper Wyoming homes have decided to stay put right now. Joining thousands of USA homeowners who would like bigger homes, these folks are choosing to remodel their
Casper homes while waiting out the market. However, since the best time to sell
Casper WY real estate could be right around the corner, homeowners need to select the right project.
What
remodeling projects are reaping the highest investment returns today? In the November 2008 issue of Remodeling Magazine, Chris Keimig identifies the top three projects in the nation as 1) Fiber-Cement Siding, 2) Wood Deck Addition, and 3) Vinyl Siding Replacement. Traditional kitchen and bathroom projects also bring consistent returns on investment when the
Casper WY real estate goes on the market.
Siding and window replacement projects have the most consistent returns year after year. They claim about 75% of the top positions in the Cost vs. Value Report by Remodeling.com. The popularity of decks depends on the area of the country; they are less popular in very hot climates like Florida. Other increasingly popular upgrades have to do with energy efficiency and lower energy bills.
The data shows that people are able to recoup a greater percentage of costs if the projects are smaller. Artistic or expensive flair does not necessarily interest potential buyers. Buyers do not always appreciate all of the bells and whistles that a previous owner selected.
For example, potential buyers may be unimpressed with the installation of expensive remote-controlled blinds. They may not like the expensive ceramic tile floor design in the master bath. In Casper, they will not pay the extra $50,000 for a nice sunroom only used a few months of the year. Major upscale kitchen remodels and investments in fancy master bathrooms do not pay off.
Buyers may, on the other hand, like some degree of upgrades. A small addition or second bathroom in the historic district may be a good use of space. However, the investment in a two-story addition that is costly to heat may not be as easy to recoup. A home office remodel may only be valuable to someone who works from home. A back-up generator is not exciting to someone who never experienced power outages.
We see why siding and window replacement project are great investments. While costing only $10,000 to $14,000, they solve several problems all at once. These upgrades usually repair something broken, they improve curb appeal, and materials are durable and low maintenance. Window replacement is also valuable because it counteracts rising energy prices.
Remodeling.com utilizes data generated by Home Tech Information Systems of Bethesda to determine Cost vs. Value statistics. They collect current cost information from a nationwide network of remodeling contractors and suppliers. Members of the National Association of Realtors provide estimates used to determine resale value.
For more information about residential, recreational, or commercial real estate in the area, contact
Dennis Baker at (800) 743-0705.
