April 4, 2015
Top Ten Home Remodel Projects for Return on Investment
Deciding whether to replace an item to make an impression or remodel the entire room for more dramatic impact can be difficult, depending on who you talk to about your idea. Your contractor might suggest a complete remodel, but your REALTOR might suggest a simple replacement or upgrade of a few components.
Every situation is different, but we can make wise investment choices using solid data.
I’ll admit, these aren’t the most dramatic upgrades, but they actually add more value than they cost.
The numbers below represent the highest value versus cost return. For example, if it cost $500 to replace your front door with a steel model, then it would add approximately $558 in value to your home ($500 + 11.6%). Not real sexy, but these are definite improvements that are worth the money in nearly every market in the country.
Top Ten Projects for increased home value:
#1- Entry Door Replacement (Steel): +11.6%
#2- Garage Door Replacement: +9.9%
#3- Roofing Replacement: +9.4%
#4- Siding Replacement (Vinyl): +8.0%
#5- Siding Replacement (Foam-backed Vinyl): +6.0%
#6- Entry Door Replacement (Fiberglass): +5.5%
#7- Garage Door Replacement: +4.9%
#8– Home Office Remodel: +3.3%
#9– Window Replacement (Wood): +3.2%
#10- Bathroom Addition: +1.9%
My personal opinion on why the projects with the best ROI are such simple, basic upgrades is that they’re utilitarian, and most homebuyers want to invest their money into their own vision, not usually someone else’s.
For more detail, visit the source above, or download the Kansas City Real Estate Remodeling Report at: http://sidwellhomes.com/wp-content/uploads/2015/04/KCMO-Remodel-ROI.pdf