Congratulations goes to Angie White who was able to figure out the correct answer to last month’s trivia question – even though she and her family are currently living in Italy! The home improvement project that recoups the most cost recovery is a new front door. Thank you to all of you who submitted a guess. Interestingly, though we received a wide variety of guesses, many guessed new garage doors. To see how your answer ranked, and maybe to help you decide your next project, see the chart below from the study completed last year by the National Association of Realtors:
Where are the garage doors? Our guess is that they didn’t include new garage doors in the study, because it would make sense that if front doors score so well, then garage doors should be at least in the top 50%.
One thing to note is that this study only covers items that are considered upgrades or improvements. Most of these types of studies are based on upgrades, but we feel that leaves out an important part of the decision-making process when you are preparing your home for sale. Studies like these are based on the assumption that all of the major components of the home are functioning effectively. Theoretically, for example, if you have two identical homes but one has a brand new heating system and one has an older heating system, buyers will choose the home with the new heating system. Upgrades and improvements can be important and add value to the resale of your house, but the major components must be in good functioning order. A new front door is not more important than a functioning heating system or a roof that doesn’t leak.
As you can see, there are a lot of moving parts when it comes to deciding on what to repair or upgrade. It is very important to take into consideration your price range and competition when making these types of decisions. Buyers in higher price ranges would sometimes rather have a discount off of the price and do the work themselves, while buyers in the usual price-range for first and second time homeowners do not often have a lot of extra cash to make the repairs themselves.
Next month we will come back to our normal market updates. As always, if you are thinking about buying, selling, or investing in real estate, or need help with property management, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk!
Click HERE for previous editions of this newsletter
What’s Happening in Suffolk
Suffolk Art Gallery: “Marisa Stratton: Context Collapse”
The Suffolk Art Gallery presents “Marisa Stratton: Context Collapse,” opening Saturday, August 2, from 4 to 6 PM at a free reception. Join us for the first look at the show, meet the artis…
Suffolk Farmers’ Market
The Suffolk Farmers’ Market is now offered year-round at the Suffolk Visitor Center Pavilion! The Suffolk Farmers’ Market is a hometown favorite, and features fresh locally grown fruits and vegeta…
Crush Fest at Decoys Seafood
Join us for our first ever Crush Fest, Saturday August 2nd from noon til 10pm. Experience delicious thirst-quenching crushes, in partnership with Waterman’s Spirits, delicious and freshly prepared f…
Virginia Train Collectors Association Summer Tidewater Show
The Virginia Train Collectors Association hosts several Toy Train Shows each year. These are one or two day events and open to the General Public. Adults $8 and children free 12 and under. VTCA Summe…
Downtown Festival Park Yoga
Bridgerton Murder Mystery Brunch
Join us for a thrilling Bridgerton Murder Mystery Brunch at Nansemond Brewing Station! Put on your best Regency-era attire and prepare to solve a mysterious crime while enjoying a delicious brunch sp…
Miss Lilly’s Trading Post Outdoor Open Market
Stop by Miss Lilly’s Trading Post for their Outdoor Open Market. Find unique artisan and craft gifts, shop at various vendors, and more from 10 a.m. to 2 p.m. For more information visit misslill…
37th Annual Nansemond Indian Pow Wow
Save the Date! Two-day Native American cultural celebration, including music, dance, food, and crafts. The pow wow is located at the end of Pembroke Lane, which runs off Godwin Boulevard (across from …
Summer Film Series at the Center ~ The Color Purple
Suffolk Tourism presents the 2025 feature film, “The Color Purple,” at 8pm on Friday, August 15, 2025, at the Suffolk Center for Cultural Arts (in the Birdsong Theater). General admission …
