Are you thinking about selling your home, or do you just want to spruce things up and don’t know where to start? If you’re working within a strict budget, the thought of remodeling your home can be daunting. It’s best to assess your needs and also educate yourself on current market trends before you get started.
The 2015 Remodeling Cost vs. Value Report, produced by Remodeling magazine in cooperation with the National Association of REALTORS®, reports that large-scale jobs aren’t likely to return sellers their full cost. Instead, smaller replacement jobs tend to generate higher return than remodeling projects. The report uncovers that replacement projects showed an average return of 73.2 percent, while the cost-value ratio of remodeling projects showed an average rate of return of 60.8 percent.
Arming yourself with information like this is key before you invest in making improvements. Here are the five mid-range projects that are most likely to recoup the cost of investment.
Entry Door Replacement – 101.8%
Manufactured Stone Veneer – 92.2%
Garage Door Replacement – 88.4%
Siding Replacement, Vinyl – 80.7%
Deck Addition, Wood – 80.5%
Your Home Newsletter July/August 2015