As per Remodeling magazine’s “2016 Cost vs Value Report” , here are some guidelines for what types of projects will generate the biggest return if your home goes on the market. Using a combination of computer-generated construction estimates and value opinions from 4,000 real estate professionals, the report pins a percentage of cost that owners can expect to recoup for 30 popular remodeling projects.
The project with the highest return on investment
So, where do you get the best bang for your home-update dollars? The answer isn’t anything exciting like a swanky new master bedroom suite. It’s insulation.
True, blowing new fiberglass attic insulation gets you a report-leading 116.9% return on your investment. Other projects with high returns include replacing your garage door and replacing your entry-door with a steel one.
Improvements to appearance generate a good return
Here are the top 10 projects and their returns:
- Attic insulation (fiberglass): 116.9%
- Manufactured stone veneer: 92.9%
- Garage door replacement: 91.5%
- Entry door replacement (steel): 91.1%
- Minor kitchen remodel: 83.1%
- Siding replacement (engineered): 78.6%
- Siding replacement (fiber-cement): 78.1%
- Deck addition (wood): 75.0%
- Window replacement (vinyl): 73.3%
- Siding replacement (vinyl): 73.2%
The report is only a guide…give Jim a call at (801) 244-6444 to chat about remodeling, relocation and/or other real estate ideas – or just to chat about the snow.
This list shouldn’t stop you from doing anything to your home. Not every home improvement decision is based on what you’ll get back when you sell. If you want to add a master suite (57.2% return) or add a second story (69.3%), go ahead. Just be aware that spending $25,000 for that walk-in shower and spa tub will not add $25,000 to your home’s value.
