Return on Investment

This article is taken from “Your Home”, a publication of the Council of Residential Specialists, of which I am a member. Many homeowners who are thinking of selling their home, want to know what the ROI is for projects that will improve their chances for a quicker sale for an optimum price. Here is an article I think you will find interesting and helpful.

Remodeling and replacement projects can add value to your home, but some projects recoup their costs better than others. According to Remodeling Magazine ‘s 2015 Remodeling Cost vs Value Report, small and exterior projects return the most value for your money.

The projects that offered the best value overall are listed below:

1. A steel entry door replacement, which recouped 101.8% of its costs when the home was sold. The steel entry door is consistently the least expensive project named in the report, costing about $1,200 on average.
2. The second best value is the addition of a manufactured stone veneer, which can recoup 92.2% of its original costs, but be prepared to invest at least $7,000 for the improvement.
3. Replacing a garage door can return 82.5% for an upscale project and 88.5% for a midrange project.
4. Replacing your home’s siding with fiber cement will return 84.3% o the costs, while replacing vinyl siding recoups 80.7%.
5. Adding a wood deck will return 80.5% and replacing wood windows earns 78.8%.
6. A minor kitchen remodel is a strong bet to add value to your home. An investment of $19,226 can return 79.3% of its costs. A major kitchen remodel recoups 67.8 % and a bathroom remodel returns 70%.