2014 Cost vs Value Report
Remodeling Magazine has again come out with their list of home improvement projects that recoup the greatest (and worst) returns when it comes time for resale. According to the Remodeling 2014 Cost vs. Value Report (www.costvsvalue.com), overall, the returns on investment (ROI) are up from last year which is great news for anyone willing to put forth a little extra effort when it comes time to sell their home.
When it comes to recouping your investment dollar, think smaller changes that will improve the curb appeal of your home. The highest returns come from simple projects such as a new front door and new garage doors, and these are not items that will break the bank.
So here is a quick rundown:
› When in doubt, pick curb appeal over interior improvements….
A siding replacement will net a better ROI than an upscale kitchen remodel
› More isn’t necessarily better….
A bathroom remodel has a better ROI than adding another bathroom to the home
› Quality doesn’t always count….
A wooden deck has a better ROI than a maintenance-free composite deck
› Keep it simple and don’t replace anything you don’t have to….
A minor kitchen remodel has a better ROI than a major kitchen remodel
While this information is useful for someone considering a home improvement project, homeowners must remember:
1. A certain level of maintenance, upkeep, and replacement is to be expected with home ownership.
2. Deferred maintenance and neglect will cost a homeowner in the long run.
3. Home improvement projects are for you and your family’s standard of living now even if you do not get a full return on investment when it comes time to sell.
Without a doubt, the best possible use of time and energy comes from a seller thoroughly cleaning and de-cluttering a home. That ROI is infinite!
© 2012 Hanley Wood, LLC. Complete data from the Remodeling 2014 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
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