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Remodeling – Cost vs Value 2016 Report

May 31, 2016

Improvements to your property usually have a positive impact on price when it comes time to sell. According to the website remodeling.hw.net, improvements to curb appeal and energy efficiency caused an overall gain in remodeling project payback in their 2016 Cost vs Value report. The average return for the 27 common projects analyzed resulted in a 64.4% return on investment if the home was sold within one year of project completion.
 

In general, less-expensive smaller projects had a greater return such as replace an entry door with either steel (91.1%) or fiberglass (82.3%) or replace the garage door (91.5%). Adding attic insulation was the clear winner with 116.9% of the cost recouped.
 

 

Some of the larger projects had a lower return on investment such as basement remodel (a 70.4% return) and bathroom remodel (a 65.7% return). Major kitchen remodel came in at 64.9% return,  a bathroom addition provided an average 56.2% return, and a family room addition came in at a 67.9% return.
 

Although it is rare to receive 100% of your costs when you remodel a part of your home, remember there is also the return that peace of mind and better-functionality provides that cannot be measured in dollars and cents.
 

Wondering what improvements are having an impact on home values in our area or would you like to know what type of return to expect on your next project? Give me a call or text: 206.730.0962 or email: nina.bjornstal@sothebysrealty.com.

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