This year, if you’re looking to increase the value of your home but are
unsure what home improvements to make, think curb appeal.
According to a recent report from Remodeling
magazine, curb appeal projects, such as changes to windows, siding, and
doors, lead to a higher return on investment (ROI) than interior improvements.
Over the past 30 years, Remodeling
has compared the average cost of improvement projects with their value at
resale, based on the experience of real estate professionals. The magazine’s
2017 Cost vs. Value Report supports
the generally held opinion that today’s home buyers, while still enthusiastic
about the bells and whistles, want to ensure their homes are structurally sound
with all systems functioning efficiently.
Remodeling’s projects include a basement remodel, an entry door that was replaced
with 20 gauge steel, and the addition of stone veneer. All of the 29 projects
tracked returned on average 64.3 cents per dollar spent.
Among the trends, the higher return of curb appeal projects and projects
that required the replacing of windows, doors, etc. Replacement projects
generally scored higher than remodeling projects; the ROI of replacement was
74% and of remodels was 63.7%.
As in the previous year, adding loose fill insulation to the attic
returned 107.7% and was the only project on the list whose value exceeded its
cost. Steel door replacement and addition of stone veneer also paid off, at
90.7% and 89.4% respectively. Interestingly, these are among the cheapest
projects, although their costs were up over the previous year.
Those who want to tackle an interior project might do well to consider a
basement remodel, providing it’s done well; a high-end basement remodel was
perceived as high value, returning 7.4% more than the same project last year,
while a mid-range basement remodeling project only increased in value by 3.3%
over the previous year.
Something to consider when you’re planning your next home improvement
project.
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