• Nov 27, 2016 How to turn your family room into a garage
    Gary Sandler
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    Published 27 November 2016

    According to the National Association of Realtors 2015 Remodeling Impact Report, homeowners spent more than $326 billion on remodeling projects through the first ten months of 2015. Some owners took on projects to prepare their properties for sale. Others made changes purely to increase the quality of their lives at home. Fortunately, none actually converted their family room into a garage.

    The report took an in-depth look at the reasons for remodeling, the satisfaction derived from the projects, and the increased happiness the upgrades provided. Also surveyed were the cost of 20 typical remodeling and replacement projects, how appealing the improvements were to home buyers, and what percentage of the project costs were recovered when the properties were sold. So which projects were most appealing and generated the highest returns at the time of sale?

    Number one on the return-on-investment list was a new roof, returning 105 percent of the cost at time of sale. The project also generated a rating of 9.6 out of 10 on the happiness scale. Also ranking 9.6 on the happiness scale was the refinishing of hardwood floors, which provided a 100 percent return on the dollars spent. The installation of new hardwood floors returned 91 percent of cost of the upgrade and scored 9.5 on the happiness scale, while adding new insulation generated a 95 percent return on investment.

    Installing a new garage door scored a 9.5 on the happiness scale while returning 87 percent of cost to install. Replacing a front entry door with a new steel or fiberglass version returned 75 and 60 percent of the cost, respectively, with each scoring a 9.7 on the happiness scale. While replacing old windows with new wooden models returned just over half of the installation cost, new vinyl-clad windows provided an 80 percent return on investment.

    Adding a new bathroom scored a solid 10 on the happiness scale but returned just fifty-three percent of the cost of the project at time of sale. Adding vinyl siding, or new stucco in our area, generated an 83 percent return and ranked 8.9 on the satisfaction scale. Adding a new master bedroom was a satisfying experience for homeowners and buyers but returned just over half of the project’s cost. The same holds true for bathroom upgrades, which returned around two-thirds of what it cost to complete the projects.

    The return on investment varies depending on where in the country a property is located. In markets where properties are in short supply and sales are hot, upgrades typically add value. In markets where inventories are high and sales are sluggish, sellers may not recover the cost of the upgrades but may be chosen over competing properties that have yet to be upgraded.

    For more information on the amount of value homebuyers attribute to home improvement projects, simply google “2015 Remodeling Impact Report”. You may be surprised by what you find.

    See you at closing.

    Gary Sandler is a full-time Realtor and president of Gary Sandler Inc., Realtors in Las Cruces. He can be reached at (575) 642-2292 or Gary@GarySandler.com.

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      Gary Sandler