A guide to renovation cost & return on investment

The National Association of REALTORS® and the National Association of the Remodeling Industry teamed up to calculate the estimated cost and return on investment for home remodeling projects. Share these numbers with renovating clients1:

  • Full kitchen renovation: cost estimate‚ $68‚000; estimated cost recovered‚ $40‚000; percent of value recovered‚ 59%.
  • New wood flooring: cost estimate, $4‚700; estimated cost recovered‚ $5‚000; percent of value recovered‚ 106%.
  • New garage door: cost estimate‚ $2‚100; estimated cost recovered‚ $2‚000; percent of value recovered‚ 95%.
  • New vinyl windows: cost estimate‚ $22‚500; estimated cost recovered‚ $16‚000; percent of value recovered‚ 71%.

As always‚ it is a pleasure staying in touch.

1Timothy Inklebarger‚ “Renovation return quick guide‚” Boston Agent Magazine‚ last updated October 10‚ 2019.


Lot values on the rise

Rising land values are a major reason why new construction costs are increasing. That’s especially apparent here in New England‚ home to the country’s priciest lots.1 Take a look at these numbers from the National Association of Home Builders:

  • The median lot price in New England is $140‚000‚ dwarfing the national average of $49‚500.
  • Local zoning laws and low-density building requirements are the reasons for the high cost of housing lots.
  • The Pacific region has the smallest lots but the second most expensive at $87‚000. Lots in the East South Central region are the most affordable at $38‚000.

I hope you find this information to be helpful.

1Nastalia Siniavskaia‚ “Lot values hit record highs‚” Eye on Housing Blog‚ last updated November 11‚ 2019.


Thankful for your partnership

In honor of Thanksgiving‚ I want to express my appreciation for partners such as yourself. I am thankful for your support and the relationship we have.

I look forward to what we can accomplish in the future. Until then‚ here’s wishing you and your loved ones a happy and festive Thanksgiving.


Boston metro a top destination

Despite our pricy real estate market‚ more people are moving to the Boston metro area than leaving. In fact‚ the area has the highest net inflow of population in the country.1 Consider the numbers:

  • In the third quarter of 2019‚ 17% of buyers searching in Boston did so from another metro area—up from 12% a year ago.
  • New York is the top origin city for those looking to move here.
  • With a September 2019 median price of $490‚000‚ Boston is the second most expensive migration destination. Only San Diego is pricier.

As the #1 mortgage company in Greater Lexington for 17 consecutive years‚ Capstone Mortgage is here to provide guidance and support.

1Tim Ellis‚ “Affordability is a relative concept—Boston tops U.S. migration destinations in the third quarter‚” Redfin‚ last updated October 18‚ 2019.


What’s on the minds of today’s buyers

As you know‚ there are various factors to consider and many decisions to make when purchasing a home. Buyers weigh the pros and cons of a home’s floorplan‚ where the property is located‚ and nearby amenities. But what’s the most important factor? Take a look:

  • According to 60.3% of those surveyed by insurance resource Clovered‚ affordability is what most influences a homebuying decision.1
  • Other things on buyers’ minds: crime rates (46.4%)‚ commute times (40.1%)‚ and community well-being (38.9%).
  • Generationally‚ Millennials are less concerned about property taxes (27.9%) than the survey average (31.1%) and Baby Boomers (33.9%).

As always‚ it is a pleasure staying in touch.

1Sean McCahill‚ “Mindful migration: Analyzing influential home buying factors‚” Clovered.