Which Home Remodeling Project is the Best Investment?
Making improvements to your home not only makes it more comfortable, beautiful and energy efficient it can also increase the value of your property. But it has always been difficult to judge which remodeling projects offer the best return on your investment. While it is impractical to expect to recover 100% of the money you spend on increased home value, some projects do offer better “cost vs. value” results.
Determining this “cost vs. value” is just what Remodeling magazine had in mind when they commissioned a nationwide study to find out which home improvements represent the best investments. Here are the top ten projects as rated by the Remodeling study.
1. Replacing exterior siding with fiber cement siding pays back a whopping 78%, on average, of the $13,461 average cost. The most cost-effective change you can make to your home is to replace old siding with new, higher-end fiber cement siding from a quality manufacturer like James Hardie® the global leading in fiber cement
2. Replacing an entry door with a midlevel 20-gauge steel door is a relatively inexpensive upgrade at $1,238 on average, but pays back 73% and greatly improves curb appeal.
3. A midrange attic bedroom remodel with shower, insulating and finishing the walls and ceiling, adding four windows, extending the heating and air conditioning and improving wiring and lighting. The payback is 72.5% on the $50,148 average expenditure. A basement remodel is the next most cost-efficient way to add living space.
4. A midrange minor kitchen remodel paid back 72.1% of the average $19,588 investment. This includes new laminate countertops and new sink, faucets and appliances. The floor remains untouched and cabinets are kept in place but refaced with new hardware added.
5. A midrange garage door replacement is generally one of those renovations that you do because it’s needed. But it adds curb appeal and function, and it pays back 71.9%, on average, of the $1,512 average cost.
6. A high-end garage door replacement recoups almost as much, 71.1% of the $2,994 average cost.
7. A new wood deck earns back 70.1%, on average, of its $10,350 cost. That number may be higher in areas with a more moderate climate, like here in Northern Virginia.
8. New foam-backed vinyl siding replacement, while not as good an investment as fiber cement siding, still pays back 69.6% of its $14,274 average cost. The average project involves 1,250 square feet of siding, including trim.
9. New midrange replacement vinyl siding upgrades the look of the home and pays back 69.5% of the $11,729 average price.
10. Upscale vinyl replacement windows have a 69.1% payback on the $14,328 average cost of replacing 10 double-hung 3-by-5 windows. The new windows are low-emissivity glass, with an insulated frame, that also help lower monthly energy costs.
Hopefully this list will help inspire your own home improvement ideas, and help guide you to boost your home’s value. At Northern Virginia Roofing we are ready to assist you in your home remodeling project, including new siding (either fiber cement or vinyl), new doors and quality replacement windows.