As we’ve now entered the New Year and homeowners are increasingly considering a project they would like done to their homes, the cost to value ratio in doing the project could be a significant factor.
Return On Investment
If they remodel a kitchen or bathroom, add a deck or a two-story addition, what is the return on the money they have spent? Real estate pros in 99 markets nationwide think the following projects will add to the home price when it is sold.
Home-Improvement Projects That Give You The Most Bang For Your Buck
Projects such as replacing your front door or garage door, wood flooring, new roof, and windows will recoup about 100% of your money. When it comes to a kitchen or bathroom project, it all depends if you are just replacing an old countertop or worn and outdated fixtures or a complete remodeling with a new design and cabinets. Bathrooms that have curbless showers, grab bars or high toilets have more value when it comes time to sell. Kitchens should be simple but elegant and in neutral colors.
Most addition projects such as adding a new master bedroom suite, expanding the kitchen and family room or adding a second story are done by Homeowners who want to stay in their homes and live more comfortably, enjoy their home more and have more functionality.
The cost for each remodeling project is influenced by many factors such as the design, the quality of the materials and the age of the home. On an average, the return on your investment on a replacement project is 74% and on a remodeling project 63.7%.
Plan now to have your project done this spring or summer.