When spring rolls around, people start thinking about those exciting home improvement projects they’ve been mulling over all winter. But before you roll up your sleeves and go to it, or call a contractor who can do it for you, you may want to consider which home improvements will bring you a healthy return on the investment.
The 2015 Remodeling Cost vs Value Report, produced by Remodeling magazine in cooperation with the National Association of Realtors and REALTOR Magazine, has just been released. It weighs many important aspects of remodeling. Of particular interest are estimates on the cost of various home improvement projects, along with the percentage of that cost homeowners can expect to recoup when they sell.
According to the report, the top five projects that bring the highest return of their investment cost all relate to curb appeal, emphasizing this all-important aspect of a home. Replacing the entry door with a more upscale one tops the list with 101.8% return of the cost of the door when you sell the house.
Adding manufactured stone veneer to the exterior of the home came in at 92.2%, and a mid-range garage door replacement was shown to return 88.5% of its investment. Updating your siding with fiber cement was 4th, returning 84.3% and replacing your garage door with an upscale door returns 82.5% of your cost.
It’s important not to assume that everyone will love which home improvement projects you choose, nor that they will increase the value when you sell it by the same amount you spent.. Certainly you have to weigh the enjoyment you will derive from your updates, how long you will continue to live in the house, and whether getting a return on the investment is your goal or not. But the Report makes it clear that home improvement projects that increase curb appeal are solid investments in your home.