Remodeling Projects That Pay Off

RemodelingReturnGraphicPreparing your home for the real estate market can be grueling and stressful.  Trying to decide which upgrades or remodeling projects to tackle before listing is, sometimes, a seller’s worst nightmare.  But have no fear!  We have made it simple for you.  Well, actually, the good folks at Remodeling Magazine have made it easy for all of us.  In their “2016 Cost vs Value Report,” they have laid out the research in an easy-to-read format.  The bottom line is, of course, the bottom line.  That is, which remodeling projects are more likely to pay off?  Even better news:  This report is geared, specifically, toward the state of Florida and the southeastern United States.

The Top 10

  1. Attic Insulation – 116.9% return

This is a “no brainer” for the hot southern and tropical states like Florida.  With an average cost of $1,268, the resale value is $1,482.

  1. Manufactured Stone Veneer – 92.9% return

A good way to improve the exterior of an outdated home, the average cost of this remodel is $7,519, with a resale value of $6,988.

  1. New Garage Door – 91.5% return

This easy project has a job cost of about $1,652 and a resale value of $1,512.

  1. New Entry Door (Steel) – 91.1% return

A new front entry door can make a big difference when it comes to curb appeal.  For a cost of about $1,335, you can recoup about $1,217.

  1. Minor Kitchen Remodel – 83.1% return

The key word here is “minor.”  A minor kitchen repair with a cost of $20,122 has a resale value of $16,716.

  1. New Entry Door (Fiberglass) – 82.3% return

With a higher job cost than the steel entry door, the fiberglass door costs $3,126 and comes with a resale value of $2,574.

  1. Replacement Engineered Siding – 78.6% return

New engineered siding has a job cost of $13,832 with a resale value of $10,866.

  1. Wood Deck Addition – 75% return

A new wood deck is appealing, but with the high cost of $10,471 the resale value is only $7,850.

  1. New Vinyl Siding – 73.2% return

A little less expensive than engineered siding, the difference in your return is fairly significant.  The job cost of vinyl siding is about $12,341 with a resale value of only $9,032.

  1. Roof Replacement – 71.7%

If you’ve ever had to replace a roof, you know this is a big messy job.  The average job cost of replacing a roof is $20,142 and a resale value of $14,446.

As you can see, within the top 10, the return on your investment dropped drastically.  Before considering any major remodel, research is in order.  As always, your real estate professionals at the Jackie Ellis Team are ready to help.  Call 561-965-1225 or visit www.JackieEllis.com.  For more information on the remodeling projects with the greatest and least amount of return, visit www.remodeling.hw.net/cost-vs-value/2016/south-atlantic.

Source: Remodeling Magazine, 2016 Cost vs Value