Every year REALTOR Magazine puts out a report called Cost vs. Value in which they advise homeowners* which remodeling projects will net the biggest turn on investment. The 2015 report can be summed up simply: less is more.
For example, a steel door replacement, can return a whopping 101.8 percent of cost–and the cost in consideration is a professional installation ($1,230 national average), so just think of the added value of a DIY installation. Other ‘curb-appeal’ investments are a “midrange garage door replacement,” and siding replacement, including vinyl, fiber-cement, and manufactured stone veneer.
Another smart choice is a “midrange wood window replacement.” (We’re in the process of replacing our old, wooden, single pane double-hungs with Marvin Tilt Packs. Per window: $300 to $500 for the Tilt Packs versus $1,200 to $1,500 for Marvin full replacement. Multiplied by 18 windows? Yeah, major cost effective.)
Notably, the only full-on remodeling suggestion this year is that of the kitchen, and they suggest a MINOR one at that. (The kitchen below was remodeled for an impressive $10K.)
Of course, payoffs fluctuate depending upon where you live in the U.S. Bigger yields are expected in the West, including Alaska, California, Hawaii, Oregon, and Washington at a projected 100% return, followed by the East South Central part of the country, including Alabama, Kentucky, Mississippi, and Tennessee.
Interesting information to keep in mind when considering your 2015 home improvement projects, especially if there’s a chance you might be selling in the near future. BUT, if you’re in your home for the long term, then…never mind.
To read the entire REALTOR Mag article, click here.
2015 Remodeling Cost vs. Value: Less Is More [REALTOR MAG]
*These suggestions are predicated upon the home in question already being up to neighborhood standards.
