Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

A seller’s best investment: A new front door

Posted by: Jim Buchta under Buying Updated: November 11, 2011 - 12:34 PM

 

 

Mary Leer does touch-up work on the front door of a house she recently sold in North <a href=Minneapolis." />

Mary Leer does touch-up work on the front door of a house she recently sold in North Minneapolis.

 

If you’re trying to sell your house and think that you’ll recoup the money that you put into fixing it up, think again. Remodeling Magazine is out with its annual report on cost vs. value for various home improvement projects.

This year the projects that offer the best returns are replacment projects rather than remodeling projects. In fact, seven of the top 10 projects with the best returns involve the replacement of some exterior component. For a mid-range project, a new steel front entry door had the best return at 73 percent. That means that if you spend $1,238 to replace your door, you’ll recoup $903 when you sell. An office remodel offered the worst return at only 42 percent.

By the way, with home prices down, the return on your investment in remodeling projects has never been lower, though the rate at which the cost-vs-ratio is falling has slowed dramatically. Publishers of the report say that’s an indication that prices are nearing bottom. Note that the cost-vs.-value ratio doesn’t factor in the value of how a fix-up project might help you sell an ugly house.

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