How much can remodeling increase your home value?
Though most homeowners set a remodeling budget for their projects to maximize what they can do, it is nice to know what one could expect for a return increase in home value. According to the Remodeling 2019 Cost vs. Value Report, this year there is a noteworthy improvement in the rate of return for home remodeling projects on how much a home’s value increased. In 2018, 8 of the 22 projects went up in their rate of return from the prior year. In 2019, that number has doubled to 16 out of the 22 and has more value for the amount invested as compared to the prior year.
The highest rate of return had to do with readying a home for sale by improving curb appeal, e.g., a new garage door, or deciding to build an entirely new garage altogether by hiring a custom garage company. At least this way you can make sure it meets your design needs so you have a better chance or increasing your home’s curb appeal. There are so many other things that you could decide to do as well, like fitting a new set of replacement windows (you could pick these up at your local replacement windows Allentown, Pennsylvania contractor/ depo) and of course, the addition of manufactured stone veneer accents got over 94% to recoup of cost. Another worthwhile curb appeal improvement would be implementing siding to keep your home looking its best but also providing it with additional advantages like fire, moisture, and rot resistance as described in JD Hostetter’s James Hardie Siding Guide. However, most remodeling projects are done to customize the house to the homeowner’s lifestyle and design preferences. Here are the top five types of remodeling projects for longer-term enjoyment that we see in our market, with the national average invested and their cost recouped.*
Vinyl Window Replacement, cost $20,526, cost recouped 70.8%
Bathroom Remodel, cost $20,420, cost recouped 67.2%
Midrange Major Kitchen Remodel cost $66,196, cost recouped 61.1%
Upscale Major Kitchen Remodel cost $131,510, cost recouped 59.7%
Master Suite Addition, cost $130,986, cost recouped 59.4%
Most homeowners remodel so they can enjoy their made new home for many years, and it is nice to know what one can expect to recoup. It is like the future buyer is paying for most of it, while one benefits from the beauty and facilitation of personal lifestyle in the meantime! If HGTV is a fair indicator, doing a whole-house remodel with good design and flow seems to always net a return greater than what was spent in the remodel.
Happy Home Remodeling!
Janet Cook, Certified Aging in Place Specialist, President of Cook Remodeling (celebrating their 40th year), invites you to visit their Facebook page for links to articles featuring photo galleries of different styles and trends in home design.
*© 2019 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.