You might not plan on selling tomorrow but you should be aware of the return you can expect on the investments you make in your home renovations. Prepare to be surprised at the cost versus value ratio for these common home remodeling projects.
Renovations that bring the greatest percentage return on investment, according to Remodeling magazine’s annual Cost vs. Value Report for 2016.
Entry door (steel) replacement: 91.1% recouped
Deck addition (wood): 75% recouped
Basement Remodel: 70.4% recouped
Garage door replacement: 91.5% recouped
Major kitchen remodel: 64.9% recouped
Replacing old elements, such as doors, windows and siding, in general yielded a better financial return than bigger remodeling projects, such as additions. But real estate agents and remodelers say updated kitchens and baths still bring a significant payoff, especially at resale time. The report found that kitchen projects yielded a higher return than bath projects, with a minor kitchen remodel adding 83.1% of the project’s cost back to the home’s value. Kitchens are important because would-be buyers often overestimate how much they would cost to update and that may make them shy away from the sale.
Renovations within the existing envelope of your home – those that don’t require you to build an addition or expand the roof and foundation – often return more value than building extra rooms onto your home.
Adding a powder room and then closing off a hall bathroom to make a bedroom suite is popular and it doesn’t require adding to the home.
Replacing windows with French doors that open to views of the water or landscaped yard is another popular, and cost effective, renovation project that immediately gives your home the feeling of more space and light.
Would you like to know what renovations you can do to sell your home quickly? Stop by our Naples Kitchen and Bath Remodeling Showroom today for a free consultation.