My husband and I have lived in 8 different homes in the past 12 years, and in we love to discuss at length how we would go about remodeling our houses. From kitchen renovations to finishing attics to knocking down or building walls, we’ve imagined it all. Even in our most temporary living situations, we have grand remodeling plans. Something is wrong with us.
Now we own a home, and we aren’t planning to move again anytime soon (thank goodness!). We are making actual remodeling plans! Although resale isn’t at the top of our lists, we want to take on projects that will improve our property’s value the most. But which projects are best? Well, Remodeling magazine has been reporting on this very issue for more than 30 years. Their Cost vs. Value chart breaks down how much the top 20 projects cost, and how much homeowners will recoup. Plus, they break it down by region and city, so you can see exactly what to expect in your area.
This year’s report shows an interesting trend…
Curb Appeal Rules
Seven of the top ten project that recoup the highest percentage are exterior upgrades. Homeowners installing a new garage door should recoup around 98% of its cost! Also in the over 70% club are new windows, siding, and front door.
Realtors always go on about curb appeal, and these numbers absolutely support them. High end kitchens may be all over the Internet, but that first impression is what seals the deal. If you have your heart set on a new kitchen, no need to swing for the custom cabinets or professional grade stove, a mid-range remodel will get you 81% of your investment!
So, what’s the least lucrative renovation? A master suite and major kitchen remodel won’t even get you 50% of your costs. So, think twice before embarking on those projects.