The Final Tally
Thinking about remodeling, but don’t know which projects will give you the most bang for your buck? Check out the results of the latest “Cost vs. Value” report by Remodeling magazine.
One surprising — but fairly easy — change is to replace the garage door, which on average costs $1,291. According to the report, 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 fibercement 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 of 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 show a downward trend in the overall cost-to-value ratio, which began with eroding home prices and a rise in construction costs, but is now largely due to a drop in resale values.
So what’s the bottom line? The report suggests that in terms of remodeling, it’s most profitable to concentrate on the exterior of the home than the interior.