Cost vs. Value: Home Improvement Projects With the Highest ROI

Curb appeal really does have a major impact on the return you'll see at resale. Among the top 10 home improvement projects with the highest return on investment (ROI) in Remodeling magazine's newly-released Cost vs. Value Report, nine are outdoor projects.

Topping this year's list is Manufactured Stone Veneer, a project that has consistently ranked toward the top of the list since the project was added to the report in 2015. Unsurprisingly, the report shows an increase in cost for all 22 projects listed; however, there is also a consistent dip across the board in terms of what the perceived value of each of these projects is. This is likely due to a market that was anything but smooth in 2019.

"Why the difference? The most likely answer is consumer jitters," says Clay DeKorne, chief editor of the JLC Group, which includes Remodeling magazine. "While remodeling professionals need to stay on point, they can breathe easy. Remodeling activity is growing at a slower rate than in years past, but it continues to grow."

Nationally, here are the 10 projects with the greatest ROI, according to the 2020 Cost vs. Value Report:

Manufactured Stone Veneer (95.6% ROI)

Average Cost: $9,357
Average Resale Value: $8,943

Garage Door Replacement (94.5% ROI)

Average Cost: $3,695
Average Resale Value: $3,491

Minor Kitchen Remodel (Midrange) (77.6% ROI)

Average Cost: $23,452
Average Resale Value: $18,206

Siding Replacement (Fiber-Cement) (77.6% ROI)

Average Cost: $17,008
Average Resale Value: $13,195

Siding Replacement (Vinyl) (74.7% ROI)

Average Cost: $14,359
Average Resale Value: $10,731

Window Replacement (Vinyl) (72.3% ROI)

Average Cost: $17,641
Average Resale Value: $12,761

Deck Addition (Wood) (72.1% ROI)

Average Cost: $14,360
Average Resale Value: $10,355

Window Replacement (Wood) (68.9% ROI)

Average Cost: $21,495
Average Resale Value: $14,804

Entry Door Replacement (Steel) (68.8% ROI)

Average Cost: $1,881
Average Resale Value: $1,294

Deck Addition (Composite) (66.8% ROI)

Average Cost: $19,856
Average Resale Value: $13,257

Nationally—and on the other end of the spectrum—here are the 10 projects with the lowest ROI:

Master Suite Addition (Upscale) (51.6% ROI)

Average Cost: $282,062
Average Resale Value: $145,486

Grand Entrance (Fiberglass) (53.3% ROI)

Average Cost: $9,254
Average Resale Value: $4,930

Major Kitchen Remodel (Upscale) (53.9% ROI)

Average Cost: $135,547
Average Resale Value: $72,993

Bathroom Addition (Midrange) (54% ROI)

Average Cost: $49,598
Average Resale Value: $26,807

Bathroom Addition (Upscale) (54.7% ROI)

Average Cost: $91,287
Average Resale Value: $49,961

Bath Remodel (Upscale) (56.6% ROI)

Average Cost: $67,106
Average Resale Value: $37,995

Master Suite Addition (Midrange) (58.5% ROI)

Average Cost: $136,739
Average Resale Value: $80,029

Major Kitchen Remodel (Midrange) (58.6% ROI)

Average Cost: $68,490
Average Resale Value: $40,127

Roofing Replacement (Metal) (61.2% ROI)

Average Cost: $40,318
Average Resale Value: $24,682

Bathroom Remodel (Universal Design) (62% ROI)

Average Cost: $34,643
Average Resale Value: $21,463

The 2020 Cost vs. Value Report compared the average costs for 22 popular remodeling projects and how much of that value they retained in 101 different U.S. housing markets. View the full report, including project descriptions and city-level data, here.

Posted on Jan 21 2020 - 1:18pm RIS MEDIA

Written by Jameson Doris

lindasecrist.com

Linda Secrist’s Salt Lake City Real Estate Home Page • Salt Lake City Real Estate • Draper Real Estate • Holladay Real Estate • Sandy Real Estate • South Jordan Utah Real Estate • Salt Lake City’s Top Real Estate Agent

Linda Secrist & Associates is the top selling team in luxury homes in the SLC Market. They have received countless awards over the past 20 years, including “Sales Team of The Year” for over 10 years including 2019! Linda Secrist is #54 in the top 100 Agents in the World in luxury residential real estate. If you’re searching for homes in Sandy, Salt Lake, Cottonwood Heights, Millcreek, Draper, South Jordan, Bountiful, Centerville, Farmington or anywhere in northern Utah, Linda Secrist & Associates are the real estate agents to call. If you’re buying or selling a home, don’t hesitate to text or call us at 801-455-9999!

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How to Decide on the Ideal Home Size for Your Family

Making the choice to purchase a new home is a major decision for anyone. Once you’ve settled on the idea that you do want to buy a home, there are many more options you’ll have to face; one of the most important is the ideal size of a home to best fit your family and lifestyle. Here are some tips so that you can choose the right size home to meet your needs:

Realize That Bigger Isn't Always Better

You may initially start your home search thinking that size doesn't really matter. As long as it seems big enough to live in, you don't care how large it actually ends up being. The truth is that bigger isn't always better. A large home requires more money—and time—to maintain. Unless you're using the space, you could just end up wasting your money on maintaining a big house for no reason.

Know Your Maintenance Budget

A crucial aspect of your home purchase decision is to determine what your budget is going to be for home maintenance. A bigger home requires more time and money to take care of, particularly if you're looking at homes with substantial front and backyards. As for the interior, there are cleaning, repair and energy costs for heating and cooling. Discuss your budget with your partner and your real estate agent to decide the square footage you can realistically handle.

Identify the Number of Rooms You'll Need

If you really don't know what amount of space is ideal for your family, then you need to start simple. This means counting the number of rooms that you'll need. Consider your main rooms like your kitchen and living room, and then move on to counting the number of bedrooms and bathrooms that you need. This will give you a good starting point to identifying how much space your family will require. Keep in mind if you plan on expanding your family, if you frequently have guests visit and if you may need to have a family member, like an aging parent, live with you in the future.

Tour Different Homes in Varying Sizes

Once you get an idea of the size range that will fit your needs, it's time to take some tours. Search for homes that are in the appropriate size range that you determined. This isn't so much about evaluating potential purchases as it is about determining if that size range will fit what you have in mind. Home tours will give you a better idea of what you want the square footage of your home to be and how you want those square feet distributed throughout the bedrooms, common areas and exterior.

Determining the right size home for your family may be challenging at first. Start by breaking down your budget versus what you think you’ll need and begin looking at sample homes from there. After all the work, you’ll be able to choose the perfect home size for you and your family!

Written By Anicz Oaks,Housecall,

RIS Media,Posted on Feb 11 2021 - 4:16pm by Housecall

Friday, March 12, 2021

Home Improvement Projects With the Highest ROI