Remodeling projects can make your home a noticeably better place to live — and if you decide to sell, certain projects will pay you back a good bit of what you put into them. In recognition of National Remodeling month, we’ll try to answer the question: which projects are the best investments, in terms of their return when you sell?
According to Remodeling Magazine’s 2017 Cost vs. Value Report, curb-appeal projects in Pennsylvania will give you some of the best returns. For example, replacing the front door with a new steel door returns 91% of the cost, or manufactured stone veneer in place of vinyl siding on the bottom third of the street-facing facade, 89%.
The bottom line for any remodeling project is: how it will enhance your home’s value, not just in immediate resale price but also in turning your home into a more comfortable, livable space. And that can help you avoid dedicating even more time and money to buying a new house and moving.
Add a family room and you’ll recoup the lion’s share of what you put in — 78% within a year, according to the report. The same goes for a kitchen remodel, which came in at 70% payback, or finishing a basement, 81%.
But for a young family, the return-on-investment may not be the motivating factor. Building on a family room opens up to more social space as the family grows, making the home more comfortable and workable for the family over time, delaying or preventing a costly move. For baby boomers looming to buy, real estate pros predict bathroom updates, including handicapped accessible showers and senior-friendly fixtures, can pay back an average of 68%.
To learn more about remodeling projects that prove their value, review the “Cost vs. Value” report from five metropolitan areas of the Commonwealth in Remodeling magazine.
To find a remodeler in Pennsylvania, or for more information about remodeling, go to http://www.pabuilders.org/consumers.
Hanley Wood Media, Inc.
National Association of Home Builders