It’s Spring and a lot of homeowners start getting serious about prioritizing what remodel project they should take on. There are a number of factors in the decision, including needs and expenses. For people that have a few projects and aren’t sure how long they’ll be in their homes, the Return on Investment may be a deciding factor.
In REMODELING Magazine’s 32nd annual Cost vs. Value Report they compare the costs of the most popular remodeling projects to how much the investment will improve a home’s resale value. The 2019 report surveyed more than 3,200 real estate professionals about returns for 22 types of projects in 136 U.S. markets.
For all projects, the overall cost-to-value ratio stands at 66.1 percent. They found that Curb Appeal Projects provide the highest rates of return. Nine out of the top ten high return projects are exterior replacement – or high curb appeal – projects.
For 2019, the top ten projects by percentage of cost recouped are:
1. Garage Door Replacement (97.5%)
2. Manufactured Stone Veneer (94.9%)
3. Mid-range Minor Kitchen Remodel (80.5%)
4. Wood Deck Addition (75.6%)
5. Siding Replacement (75.6%)
6. Steel Entry Door Replacement (74.9%)
7. Vinyl Window Replacement (73.4%)
8. Fiberglass Grand Entrance (71.9%)
9. Wood Window Replacement (70.8%)
10. Composite Deck Addition (69.1%)
Contact the professionals at SMC to help plan your spring remodel project and maximize your ROI.
(information provided by REMODELING Magazine, January 22, 2019)