Posted over 12 years ago

Home Improvement ROI

What kind of home improvement adds the greatest value to your home? The National Association of Realtors puts out exactly such a report titled “The Value of Housing Characteristics”. A recent report showed that:

* each additional 1,000 square feet of living space increases selling price by about 3.3%
* central air conditioning adds about 12% to price
* internal features that add the most value are a family room, a dining room, a whirlpool, and a security system
* fireplaces have a strong effect on selling price with each fireplace adding about 12%
* a garage adds about 13% to selling price

For the full report go to http://bit.ly/yHqaQX

While the improvement may add value to your home does it ever add more than it costs? Unfortunately no. You will never recoup more than you put in. So how much do you get back?

Remodeling Magazine puts out an annual “Cost vs. Value” report. The report shows the relationship between remodeling costs and resale value. Here are the 2011-2012 top ten projects in the midrange & upscale projects (National average):

Midrange Projects - Cost Recouped
Garage Door Replacement 71.9%
Entry Door Replacement (steel) 73.0%
Deck Addition (wood) 70.1%
Siding Replacement (vinyl) 69.5%
Window Replacement (vinyl) 68.0%
Minor Kitchen Remodel 72.1%
Attic Bedroom 72.5%
Window Replacement (wood) 67.5%
Major Kitchen Remodel 65.7%
Deck Addition (composite) 62.8%

Upscale Projects - Cost Recouped
Garage Door Replacement 71.1%
Siding Replacement (fiber-cement) 78.0%
Siding Replacement (foam-backed vinyl) 69.6%
Window Replacement (vinyl) 69.1%
Window Replacement (wood) 64.1%
Grand Entrance (fiberglass) 60.8%
Major Kitchen Remodel 57.4%
Deck Addition (composite) 54.6%
Roofing Replacement 54.5%
Bathroom Remodel 55.5%

The interesting thing is that the returns fluctuate year to year so check the report yearly before you start any projects.

Here’s the link for the full report: http://bit.ly/AxsDJM

Philip Elias
MatchOne Real Estate
Serving MetroWest Boston
781-964-6034
[email protected]
www.MatchOneRE.com
www.Facebook.com/MatchOneRe

Home Improvement ROI

Comments