If you've been on the fence for years about doing some improvements to your home because you didn't know which improvements would give you the biggest bang for your buck, we understand. Remodeling isn't just about aesthetics. Sure, it's a lot about aesthetics, but you're also making an investment. You want that home improvement to increase the value of your home. Here are a few facts taken from Remodeling Magazine that should get you on track.
OUTDOOR PROJECTS VS INDOOR PROJECTSWhen it comes to increasing the value of a home, outdoor projects continue to outperform indoor projects. Seems upside down, doesn't it? We spend most of our time inside our homes than out in our yards. You would think that adding another bathroom, improving a family room, or adding a master suite would top the list but, according to the data collected by Remodeling Magazine, windows, doors, and siding have a history of generating higher returns on investment than work done inside. They hint that it might be connected to the fact that these projects increase the "curb appeal" of a home, and make it more attractive to both homebuyers and real estate agents.
Top 10 Remodeling Projects Based On Cost Recuperated
- Fiberglass Attic Insulation
- Entry Door Replacement (steel)
- Manufactured Stone Veneer
- Garage Door Replacement (upscale project)
- Minor Kitchen Remodel
- Entry Door Replacement (fiberglass)
- Garage Door Replacement (midrange project)
- Siding Replacement
- Window Replacement (vinyl)
- Window Replacement (wood)
PRICE RANGEFive of the top ten remodeling projects based on ROI, are projects that fall in the less than $5,000 range, and the other five fall into the $5,000-$25,000 range. That puts the entire top 10 list at under $25,000. This is partly because it is harder to place value on things we can't see. It is easy to look at a beautiful entry door and calculate its value. There is nothing hidden. But estimating the value of a remodeled kitchen or master bedroom suite is trickier. There is a lot of "behind the scenes" work required for these projects.
VALUE AT SALEHow good of an investment are doors, windows, and siding replacement? Let's take a look at the percentage of cost recuperated on several projects tracked. This is how much of the cost for these projects was returned at the time of the sale.
- Master Suite: 59.9%
- Bathroom Addition : 53.9%
- Window Replacement (vinyl): 73.9%
- Entry Door Replacement (fiberglass): 77.8%
- Siding Replacement: 76.4%
- Backyard Patio: 54.9%
- Bathroom Remodel 59.1%
- Major Kitchen Remodel: 61.9%
- Two-Story Addition: 71.1%