When you are planning on remodeling your home, it’s always important to consider how much of what you put into the project will actually go into increasing its value. Every year, Remodeling Magazine releases a Cost vs. Value report for every sort of remodeling project. They gather data from all across the country on the cost of remodels and the value added to homes from them. Based on their report for this year, here are some of the projects with the highest return on investment:
The kitchen is the heart of every home – and because of this, it makes one of the best places to invest in remodeling and upgrades. According to Remodeling Magazine’s Cost vs. Value Report for 2013, kitchen remodels tend to recoup around 75% of the project’s cost into the home’s value.
Exterior replacement projects like siding, windows, entry, and garage doors are toward the top of Remodeling Magazine’s list nearly every year, with recoup values usually between 70- 80%. These generally tend to be much less expensive than major projects like kitchens though, so while replacing an entry door might be a quick and easy job, it may only add about $1000 to the value of your home. But not only do they add value to your home, they’ll also give it a great boost in curb appeal.
Finished Attics and Basements
Spending the money to finish the basement or attic is a great way to invest in your home and increase to its value. The key to finished basements and attics is that they let you add to your home’s living space without the need for an extra addition. Fitting these spaces with heating and cooling, insulation, plumbing, and wiring can add about 70% of the cost back into the value of your home.
With the way a deck can become the focal point of a home in the summer, it’s no wonder that they are a great project for increasing its value. Wooden decks generally have a higher rate of return compared to composite decks, with an average recoup value of 77% (versus 67%), and are usually a bit less expensive to put in.