It’s hard to know what renovation or remodeling project to take on to create the most ROI (return on investment) for your money. Of course there are projects that you would like to take on, but they might not be the best fit for the market. According to RISMedia’s Housecall article, sellers need to be careful on which projects they pick, especially when it comes to “upscale” projects. They reference Remodeling magazine’s newly-released Cost vs. Value Report for 2018. In this competitive seller’s market, it is understandable that you want your home to stand out, but make sure to talk to your Shorewest, REALTOR® about what makes sense for your price range and neighborhood to get the most ROI.
Remodeling instead of replacement is by far the most cost-effective way to go if you are considering a home project. It’s also important to note that when it comes to renovation ROI, curb appeal is still the leader when deciding on a project to complete.
Let’s look at the top five projects with the greatest ROI in the report’s “midrange” cost category:
- Garage Door Replacement – 98.3%
- Manufactured Stone Veneer – 97.1%
- Entry Door Replacement (Steel) – 91.3%
- Deck Addition (Wood) – 82.8%
- Minor Kitchen Remodel – 81.1%
On the other hand, let’s look at five projects with the lowest ROI in the “midrange” cost category:
- Deck Addition (Composite) – 63.6%
- Bathroom Addition – 59.9%
- Major Kitchen Remodel – 59%
- Master Suite Addition – 56.6%
- Backyard Patio – 47.6%
The 2018 Cost vs. Value Report compares average cost for popular remodeling projects in 149 markets with the value those projects retain at resale one year later. Make sure to talk with your Shorewest, REALTOR® about the best choice for your home!