According to
Remodeling magazine
's
2017 Cost vs. Value Report
, curb-appeal projects will give you some of the best returns. For example, replacing the front door with a new steel door returns 91% of the cost, or manufactured stone veneer in place of vinyl siding on the bottom third of the street-facing fa
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ade, 89%.
The report looks at 29 remodeling projects and compares out-of-pocket costs against how much real estate professionals predict the improvements will add to the potential selling price of a house sold within a year of finishing the project.
The projects in the report pay back an average of 64.3 cents on the dollar in resale value - the bulk of the cost, but not enough to call them outright money-makers that first year. Only one project recoups its entire cost and then some: having a professional seal and add loose-fill insulation to the attic, with a return of 108%.
Ultimately, the bottom line for any remodeling project is: how it will enhance your home's value, not just in immediate resale price but also in turning your home into a more comfortable, livable space. And that can help you avoid dedicating even more time and money to buying a new house and moving.
Add a family room and you'll recoup the lion's share of what you put in - 78% within a year, according to the report. The same goes for a kitchen remodel, which came in at 70% payback, or finishing a basement, 81%.
But for a young family, the return-on-investment may not be the motivating factor. Building on a family room opens up for more social space as the family grows, making the home more comfortable and workable for the family over time, delaying or preventing a costly move.
Projects that helps baby boomers stay in their homes continue to be popular with home owners across the country. The report include a bathroom update to make it safer and easier to navigate. It widens the doorway so it would be accessible by wheelchair, installs a zero-threshold shower with fold-down seat, puts in a comfort-height toilet, reinforces walls to support grab bars, and installs a sink with space for a person to sit at it. If the home is then sold within a year, the real estate pros predict an average payback of 68%.
If the homeowners stay, the return can be even greater. Saving the cost of a move and the price of a properly equipped replacement house only adds to the value of the project.
And to remain in a familiar home and neighborhood, that payback in quality of life can be immeasurable.
To learn more about remodeling projects that prove their value, or to find a remodeler in Anchorage call the AHBA office at 907-522-3605.
