Cost vs Value of Remodeling

Improvements to your property usually have a positive impact on price when it comes time to sell. According to the website remodeling.hw.net, improvements to curb appeal and energy efficiency caused an overall gain in remodeling project payback in their 2016 Cost vs Value report. The average return for the 27 common projects analyzed resulted in a 64.4% return on investment if the home was sold within one year of project completion.
Projects such as remodeling the bathroom or kitchen are always very popular and return a fairly high value when it comes time to sell, but what are some other projects that top the list this year? You might be surprised!
1. Attic insulation – Adding attic insulation (a fairly inexpensive and not very exciting project) cost an average of $1,268 but would recoup an average of $1,482, making it the only project on the list with a greater than 100% return.
2. Manufactured stone veneer – 92.9% return
3. Midscale garage door replacement – 91.5% return
4. Steel entry door replacement – 91.1% return
5. Fiberglass entry door replacement – 82.3% return
Some of the larger projects with more visual impact are further down the list such as basement remodel (a 70.4% return) and bathroom remodel (a 65.7% return). Major kitchen remodel came in at 64.9% return while a minor kitchen remodel scored a 83.1% return. A bathroom addition provided an average 56.2% return while a family room addition came in at a 67.9% return.
What is interesting is that in general, the less-expensive smaller projects had a greater return.
Although it is rare to receive 100% of your costs when you remodel a part of your home, remember there is also the return that peace of mind and better-functionality provides that cannot be measured in dollars and cents. If your kitchen has always had a strange layout with chokepoints that hinder flow, making strategic changes could result in better quality of life and less frustration when it comes time to make dinner or get the family out of the house in the morning. Adding a laundry space on the floor where the bedrooms are or adding a deck that allows for better outdoor living are other examples where quality of life is enhanced and the value is felt on a day to day basis.
Wondering what improvements are having an impact on home values in our area or would you like to know what type of return to expect on your next project? Give me a call or text: (206) 370-0043 or email: soldbyliznettles@gmail.com.

Source: http://www.remodeling.hw.net/cost-vs-value/2016/