Cost vs. Value: Which Remodel Projects Will Boost My Home Value?
Building from our previous blog post, Emerging Trends in the Home Remodeling Market, we want to dig a little deeper into what specific home remodel projects bring value to a home you’re planning to resell. According to the National Association of Realtors, existing home sales are 4.7 percent higher than they were at this time in 2014, and the median existing-home price in February 2015 increased 7.5 percent from February 2014. In simpler terms, now is the time to make updates to your home, and HomeStyling Design is here to help!
Current trends show that people are upgrading their existing homes rather than buying new. Whether you’re not quite at the budget to buy a new home or don’t want to move for another few years, home remodeling projects are an excellent way to freshen up your house while simultaneously increasing its value.
The 2015 Cost vs. Value Report compares the average cost of 36 popular home remodeling projects in the U.S. with the value these updates provide at resale. Only five projects had an increase in cost-value ratio for 2015: roofing replacement (+5.9%), garage door replacement (+5.6%), 20-gauge steel replacement entry door (+5.4%), vinyl siding replacement (+3.2%), and fiberglass replacement entry door (+1.7%). All 30 other projects showed a decrease in cost-value ratio. The lowest remodel project’s resale value is adding a back-up power generator at -11.3%.
These trends make it apparent that homebuyers are detail-oriented when shopping for houses. No one wants to purchase a home with old features, all the way down to the garage door. At HomeStyling Design, our process is designed to put you in charge of your project so that we’re catering our expertise to your lifestyle. We can help you evaluate the best projects to increase your home’s value, make a more efficient living space, and upgrade to the latest home design all the way down to the doorways.
Contact us to get started!