Thinking about remodeling? If you’re think of remodeling your home, you might want to consider which projects will give you the most bang for your buck! Here are the results of a Cost vs.Value study done recently.
One surprising - but fairly easy change - is to replace the garage door, which on average costs $1,291. According to this study, more than 80 percent of the cost is recouped during a resale. Other renovations and remodels worth their price tag include a steel entry door replacement (102.1 percent cost recouped), a minor kitchen remodel (72.8 percent cost recouped) and replacing wooden windows (72.4 percent cost recouped).
For upscale projects, replacing fiber-cement siding reaps 80 percent of the initial cost, while replacing vinyl windows recoups just more than 70 percent of the initial cost. Big renovations you might think are worth it, but aren’t: master suite additions (52.7 percent cost recouped), an additional bathroom (53 percent cost recouped) and a home office remodel (45.8 percent cost recouped).
The data from the past seven years shows a downward trend in the overall cost to value ratio, which began with eroding home prices and rise in construction costs, but is now largely due to a drop in resale values.
So what’s the bottom line? This study suggests that in terms of remodeling, it’s most profitable to concentrate on the exterior of your home than the interior.