November 29, 2017
Which Home Improvements Projects Are Worth Your Money?
As home prices are making remarkable strides upward nationwide, improvements projects also continue to make a comeback. Many home improvement projects don’t add value to your home, especially in a down market. There are certain home improvements that can even detract from the asking price when you decide to sell. On the other hand, some projects can add significant value to your home.
The new Cost vs. Value Report by Remodeling Magazine pulls in an extensive amount of data from U.S. markets. The report measures the estimated average cost of remodeling projects across the U.S and the value those projects are expected to yield when homeowners decide to sell their properties. The report examines 29 popular projects ranging from lower cost improvements to upscale remodels and home additions. This analysis will give you an idea of how much of your remodeling costs you will be able to get back when you sell your house.
According to the 2017 Remodeling Cost vs. Value Report, large-scale jobs aren’t likely to return sellers their full cost. Let’s see which projects open the door to buyers and where remodeling dollars stretch the furthest:
Installing fiberglass insulation in your attic
Among the renovations covered in Cost Vs. Value, installing fiberglass insulation in an attic is the only project that returns a higher value than its cost. This project had an average national return of more than 100 percent; it came in at 107.7%.
The report estimated the average cost of this upgrade is $1,268 nationwide. Furthermore, realtors have estimated that the project would increase the value of the property to $1,482.
Usually, homeowners spend between $700-1,900 to insulate an average size attic of 2,500 sq.ft.
Prices generally vary depending on the size of your home and your geographic location. Labor rates in regions with a higher standard of living can be up to 50% higher than in areas with more modest average incomes.
Replacing the siding
Home sellers who replaced the old siding with new vinyl siding saw an 89.4% return on their investment, according to this year’s data.
In terms of costs, vinyl siding averages between $3.00 and $8.00 per sq. ft. installed. The total costs depend on the type of siding that has been used. For a hollow-back the overall cost can be as high as $12,000 for a typical two-bedroom sized home in America; while for a deluxe vinyl siding, the price could go up to $20,000 for the same property.
Front door replacement
A typical homeowner can expect to recoup an average of 90.7% return on investment from exterior door replacement. The average cost for removing the existing entry door and replacing it with new 20-gauge steel unit ranges from $500 to $1,250 installed.
Installing manufactured stone veneer
The next project with the highest possible return includes adding a manufactured stone veneer accent to the front of the home for a total surface of 300 square-foot. This remodeling yields an 89.4% return on investment.
Manufactured Stone Veneer is a man-made product that mimics the appearance of natural stone. Most manufactured veneer is composed of Portland cement, aggregates, and iron oxides.
This relatively modest investment changes your property’s exterior and increases its curb appeal.
New garage door
Remodeling Magazine says replacing the garage door also offers a good return on investment.
Remove and dispose of your existing garage door and replace it with a brand new four-section garage door on new galvanized steel tracks. If you decide to sell your house you can expect to recoup 76.9 percent of the cost of this project.
According to the Remodeling Magazine you’re less likely to recoup your investment in a major kitchen or bathroom remodel project than you would with a basic home maintenance such as new siding.