Saturday, 27 February 2021

10 home renovation projects that pay off

You may want to think twice before moving forward with that big home renovation project.

Spending a lot of money on major home renovations does not automatically mean your home’s value increases by the amount you invested. Remodeling magazine’s 2018 Cost vs. Value Report reported that the return on investment on major renovation projects has fallen overall.

In 2018, the most homeowners can expect to recoup is about 56% of what they spent on renovations. So that$55,000 backyard patio you had built translates to a resale value increase of only about $25,000.

The exact amount of money you get “back” really depends on the project. According to Realtor.com experts, in many cases it is a smarter move for homeowners to replace and repair, rather than remodel. And believeit or not, curb appeal projects generate much higher returns than interior renovations.

So which projects will get you the most bang for your buck? Here are the Top 10…

Garage door replacement

Avg. cost: $3,470
Value at Sale: $3,411
Cost Recouped: 98.3% 

Manufactured stone veneer

Avg. cost: $8,221
Value at Sale: $7,986
Cost Recouped: 97.1%

Deck addition (wood)

Avg. cost: $10,950
Value at Sale: $9,065
Cost Recouped: 82.8%

Minor kitchen remodel

Avg. cost: $21,198
Value at Sale: $17,193
Cost Recouped: 81.1%

Siding replacement

Avg. cost: $15,072
Value at Sale: $11,554
Cost Recouped: 76.7%

Window replacement (vinyl)

Avg. cost: $15,955
Value at Sale: $11,855
Cost Recouped: 74.3%

Universal design bathroom

Avg. cost: $16,393
Value at Sale: $11,581
Cost Recouped: 70.6%

Bathroom remodel

Avg. cost: $19,134
Value at Sale: $13,422
Cost Recouped:  70.1%

Window replacement (wood)

Avg. cost: $19,391
Value at Sale: $13,468
Cost Recouped: 69.5%

Roofing replacement

Avg. cost: $20,939
Value at Sale: $14,320
Cost Recouped: 68.4%

Source: https://www.cuinsight.com/10-home-renovation-projects-that-pay-off.html

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