Biggest Bang for Your Remodeling Dollar
Want to get the best return on your remodeling investment? Stick to the exterior of your home, according to the 2015 Cost vs. Value report from the National Association of Realtors® and Remodeling Magazine.
Realtors® across the country said a steel entry door would return 101.8 percent of its costs – the only project that had a positive return on investment.
Cost vs. Value
The relatively low cost of replacing a steel entry door ($1,200) may have something to do with why it’s almost always at the top of the annual list of remodeling projects that recoup their cost.
The Cost vs. Value report tallies the opinions of Realtors® and also delivers estimates for the average cost of completing common home renovations.
To get the results from the Savannah real estate market, you can visit the magazine’s Cost vs.Value page. Select our region and then you’ll see a list of metro areas in our region. You do have to share some personal information about your remodeling plans to get the local results.
Here’s the national data on return on investment for remodeling:
|Steel entry door||101.8%|
|Manufactured stone veneer||92.2%|
|Garage door replacement (midpriced)||88.5%|
|Fiber cement siding replacement||84.3%|
|Garage door replacement (upscale)||82.5%|
|Vinyl siding replacement||80.7%|
|Wood deck addition||80.5%|
|Minor kitchen remodel||79.3%|
|Wood window replacements||78.8%|
|Foam-backed siding replacement||77.6%|
The report is a great starting point if you’re looking for data about home remodeling costs and potential returns, but nothing beats having an inside view of the local market.
Getting the Best Return on Investment for Your Remodel
The key to getting a good bang for your remodeling buck is to keep up with the Jones’ while never surpassing them. You won’t recoup the cost of putting gold-plated faucets in the bathroom of an entry-level home. Likewise, you’ll turn off luxury buyers if you put vinyl tiles down when you replace the kitchen floor of an upscale home.
If you’re thinking of remodeling, feel free to contact me, and we can discuss the options. I’m in and out of homes every day. I know the local market and what’s in the inventory of homes for sale. I see what buyers are looking for in a home, and I can tell you what’s typical for your neighborhood.