What home improvements will bring you the most return on your investment?
When planning to remodel a part of your home, looking at the cost vs. value aspect can help determine which projects are most effective to do first, especially if you are looking to increase value with the least amount of cost, or at least get more bang for your buck. With such variances as changing home values and construction costs, constricted lending practices and the condition of distressed properties, home buyers and owners have been guarded and cautious in their actions.
The interesting trend across the nation is that out of the top 10 ranked projects, 9 of them are exterior upgrades (according to Remodeling’s “Cost vs. Value” report, 2010-2011). This is considering 13 different project types such as entry door, garage door, siding and window replacement as well as deck addition. For interior improvements, however, minor kitchen remodeling, as well as bedroom and basement remodeling are in the top 10. Only entry and garage door upgrades were projects under $5,000, most of the other projects fell in the $5,000 -$25,000 cost range.
The cost vs. value rank also considers the neighborhood you are in, since different parts of the country hold certain areas of a home higher in value. Thankfully the kitchen, the most important room in the home, can be given a minor “lift” for under $25,000, delivering the most satisfying of remodeling projects.
This is just an aspect to consider when you begin to embark on your remodeling journey. Above all, take into the highest consideration what will give you the most sense of fulfillment, especially if you plan on living in your home for many years to come.
To see the cost vs. value report for your city visit www.costvsvalue.com to download a pdf that contains side-by-side national, regional, and city data tables, plus full project descriptions.