Have you been considering remodeling your home and wondering what project might give you the best return on your investment? Well, the annual report from the National Association of Realtors has just been released – and it indicates that Less is More!
Here are some general rules to consider as you consider your remodeling plans:
Simpler, lower-cost projects tend to return greater value.
The national average cost for a steel door replacement was $1,230, for example. That’s the least expensive project on the list, and it ranks highest on the payback scale, returning 101.8 percent nationally on average. Other projects expected to top 100 percent payback in multiple markets: garage door replacement, wood window replacement, and the minor kitchen remodel.
First impressions are important.
The replacements that offer the greatest payback are the ones that are most obvious to buyers when they first view a house in person or online, such as new door or garage door. Siding replacement also provides great value at resale.
Kitchens still offer the most remodeling bang for the buck.
The only remodeling job breaking into the top 10 in terms of payback is the minor kitchen remodel with a national average cost of $19,226 and a national average payback of 79.3 percent.
And here are the top 5 projects in terms of cost recouped (on a national level):
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement – mid-range (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement – upscale (82.5%)
Of course I am happy to answer any questiions you have about remodeling your home, or selling and buying a new one! Contact me anytime!
Until Next Time,