Which Home Improvements Offer The Highest ROI?

With the many different projects reported annually in Remodeling Magazine’s Cost vs. Value Report, not much has changed from last year…and that’s not a bad thing. The 29 projects found on this year’s report paid back an average of 64.3 cents on the dollar in resale value. Looking at the 24 most tracked projects (projects consistently tracked for the last six years), their payback for 2017 was also 64.3 cents—only three-quarters of a penny higher than 2016 projections.

Why the little change? Simply put: the differences in underlying numbers was minimal year-to-year. The average cost for those 24 projects rose a meager 3 percent, while the value that real estate professionals put on said projects only rose 4.2 percent. Minor gains, yes, but we’ll take what we can get.

Recent and long-time trends continued, reports Remodeling. Curb appeal projects like changes to doors, windows and siding garnered a higher ROI than work done inside the home. Replacement projects, like doors or windows, scored higher among real estate pros than did remodels.

Garage door

On a national scale, the top five projects with the greatest ROI in the report’s “midrange” cost category are:

 

  1. Attic Insulation (Fiberglass) (107.7% ROI)
    Average Cost: $1,343
    Average Resale Value: $1,446
  2. Entry Door Replacement (steel) (90.7% ROI)
    Average Cost: $1,413
    Average Resale Value: $1,282
  3. Manufactured Stone Veneer (89.4% ROI)
    Average Cost: $7,851
    Average Resale Value: $7,019
  4. Minor Kitchen Remodel (80.2% ROI)
    Average Cost: $20,830
    Average Resale Value: $16,699
  5.  Garage Door Replacement (76.9% ROI)
    Average Cost: $1,749
    Average Resale Value: $1,345

The top five projects with the greatest ROI in the report’s “upscale” cost category are:

  1. Garage Door Replacement (85.0% ROI)
    Average Cost: $3,304
    Average Resale Value: $2,810
  2. Entry Door Replacement (fiberglass) (77.8% ROI)
    Average Cost: $3,276
    Average Resale Value: $2,550
  3. Window Replacement (vinyl) (73.9% ROI)
    Average Cost: $15,282
    Average Resale Value: $11,286
  4. Window Replacement (wood) (73.0% ROI)
    Average Cost: $18,759
    Average Resale Value: $13,691
  5. Grand Entrance (fiberglass) (70.1% ROI)
    Average Cost: $8,358
    Average Resale Value: $5,855

Source: RISMedia.com, read complete article here.

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