Projects that turn unused space you already have in the basement and attic into a finished room and those that boost curb appeal give you some of the biggest bangs for your remodeling bucks, according to the newly released 2013 Cost vs. Value report from the National Association of Realtors® and Remodeling Magazine.
Complete data from the Remodeling 2013–14 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
The very highest pay-back nationally came from replacing your front entry door, which returns 96.6% of its $1,162 cost when you sell your home. “Low initial cost combined with the positive effect on curb appeal is likely responsible for the high ranking,” the magazine said.
Kitchen remodels are among the most popular upgrades homeowners tackle. Doing a minor kitchen remodel (new appliances and countertops and refacing your existing cabinets) returned 82.7% and cost $18,856 on average.
Turning unfinished space into finished space also had good returns. Adding an attic bedroom cost just under $49,438 and returned 84.3%, while remodeling the basement cost $62,834 and returned 77.6%.
Local Vs. National
While the national figures tell you what the median returns were for homeowners across the nation, you can also look at the data for 120 cities and nine regions. That will tell you what’s going on in the local market.
But to get the best possible return on remodeling, your project has to fit the neighborhood and your home. You wouldn’t expect to recoup the cost of putting gold-plated faucets in an entry-level home and peel-and-stick tile isn’t the best flooring choice for a luxury condo.
If you’re considering an upgrade, click Email Me and we can discuss ways to make sure your project is a good fit so you maximize your home’s future value.