Remodeling projects improve the looks and function of your home, and if you decide to sell, certain projects will give you a good return on your investment.
Curb-appeal projects provide some of the best returns on your investment, according to Remodeling magazine’s 2017 Cost vs. Value Report. The report compares out-of-pocket costs of 29 remodeling projects 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.
Replacing the front door with a new steel door, for example, returns 91 percent of the cost. Manufactured stone veneer in place of vinyl siding on the bottom third of the street-facing facade yields an 89 percent return.
Add a family room and you’ll recoup the lion’s share of what you put in – 78 percent within a year, the report finds. The same goes for a kitchen remodel, which came in at 70 percent payback, or finishing a basement, 81 percent.
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 percent.
The bottom line for any remodeling project is to enhance your home’s value – not just in immediate resale price. Homeowners who invest in projects that create a more energy-efficient, comfortable and livable space find a good return on their investment from avoiding the cost of moving, or saving on monthly utility costs.
To learn more about remodeling projects that prove their value, or to find a remodeler in the Tri-State area, visit the Home Builders Association of Greater Chattanooga at www.HBAGC.net.