Remodeling and replacement projects can add value to your home, but some projects recoup their costs better than others. According to Remodeling Magazine’s 2015 Remodeling Cost vs. Value Report, small and exterior projects return the most value for your money.
The project that offered the best value overall was a steel entry door replacement, which recouped 101.8 percent of its costs when the home was sold. The steel entry door is consistently the least expensive project named in the report, costing about $1,200 on average. The second best value is the addition of a manufactured stone veneer, which can recoup 92.2 percent of its original cost, but be prepared to invest at least $7,000 for the improvement.
Replacing a garage door can return 82.5 percent for an upscale project and 88.5 percent for a midrange project. Replacing your home’s siding with fiber cement will return 84.3 percent of the costs, while replacing vinyl siding recoups 80.7 percent. Adding a wood deck will return 80.5 percent and replacing wood windows earns 78.8 percent.
A minor kitchen remodel is a strong bet to add value to your home. An investment of $19,226 can return 79.3 percent of its costs. A major kitchen remodel recoups 67.8 percent and a bathroom remodel returns 70 percent.
To find out which home improvement projects bring the most value, talk to a CRS REALTOR® who knows the local market, housing inventory, and what buyers want in a home.
CRS Your Home Newsletter – March/April, 2015