The latest Cost vs. Value Report, produced by Remodeling Magazine in conjunction with REALTOR® Magazine, uncovered some of the top home remodeling projects that offer some of the largest returns at resale. For 2015, smaller replacement projects, particularly those that enhance curb appeal, remain the most cost effective way for sellers to improve value.
As the 2015 Remodeling Cost vs. Value Report makes clear, large-scale jobs aren’t likely to return sellers their full cost. But there are improvements worth doing in anticipation of an upcoming sale. Some will return almost 100 percent of their cost. Others may not have as great a payback, but they can improve the market position of the property in relation to the competition.
Many of the biggest payback projects had to do with enhancing the exterior of the home. The following are the top five projects nationally in terms of cost recouped, according to the Cost vs. Value report:
1. Entry door replacement (101.8%)
2. Manufactured stone veneer (92.2%)
3. Garage door replacement (88.5%)
4. Siding replacement, fiber cement (84.3%)
5. Garage door replacement (82.5%)
Check out the latest Cost vs. Value Report to learn more about the top home remodeling projects for resale. Also, read more about easy enhancements sellers can do to help increase the value of their home in Consumer Report’s full report, “How to Make Your Home More Valuable,” which can be accessed online or found in the March 2015 issue of Consumer Reports magazine.
Just how much sellers can expect to recoup from home improvements depends on the job and the region of the country they live in. There are also factors that vary from house to house and sale to sale, such as what updates are typical for the neighborhood, the quality of the work, and how important the improvement is to a particular buyer. And while you can’t apply this data directly to any specific house or neighborhood, you can use the Cost vs. Value Report as a starting point in discussions with buyers and sellers about the cost and value of remodeling.
source: Consumer Reports