Would you be more comfortable investing in home improvements if you knew how much the home value would increase? It’s often hard to forecast exactly how much a homeowner will recuperate on remodeling projects, but there are general trends you can rely on. Remodeling magazine recently published its annual survey, “Cost vs Value,” which breaks out the average costs, resale value and last but not least, costs recuperated by homeowners for remodeling projects. The study breaks its statistics out by city, state and region. While there aren’t specific figures for Fort Collins, Loveland or Windsor, we commonly refer to stats from our nearest market, the “Denver” region.
Based on the studies for the Denver region, you can expect the highest return on investment from these five home-remodeling projects:
#5 Minor Kitchen Remodel
At a 71.2% recovery rate, this might be our favorite pick, because hey, who doesn’t love a gorgeous kitchen?! This percentage covers a surface area of 200 square feet and 30 linear feet of countertops and cabinets. The study tags this bill at $19,150, incorporating new cabinet fronts (leaving the box frames); a new wall oven and cooktop (energy-efficient); new laminate countertops, sink and faucet; new trim, wall coverings and new flooring into the costs.
#4 Attic Bedroom Remodel
While you’re doing your annual spring cleaning, it might be worth your while to consider converting some storage space into a living space. According to Remodeling magazine, turning your attic into a bedroom will not only add living space, but you’ll recuperate over 71.5% of your investment. This project includes adding a 15×15-foot bedroom and 5×7-foot bathroom to your home. Built into the costs, which fall in around $46,000, the attic remodel would include four new windows, closet space, carpeting, extending the HVAC to the new room, electrical, finished walls, etc.
#3 Window Replacement (vinyl)
Thinking about how much new windows do for a home, it’s no surprise that window replacement is #3 on the list. Quality windows have quite a few benefits, the biggest of those being lower heat and cooling costs–not to mention good ol’ sunshine pouring into your house. For under $8000 you can swap out 10 windows (3×5-feet, double hung) for insulated window replacements and recuperate 71.7% of the investment in home value.
#2 Deck Addition (wood)
To say that we have an outdoorsy culture here in Colorado is an understatement. So, seeing that decks, the home of barbeque grills, hot tubs and all things summer, have the second best recuperation rate puts a big smile on our faces. Building a new wood deck about 16×20-feet will fall in at over 75% recuperation! The study tallies costs for this project just under $10,000 and includes pressure-treated joists, concrete piers that anchor 4×4 posts, pressure-treated boards, a built-in bench and planter, stairs, railing and more.
#1 Siding Replacement (fiber-cement)
Did the winter take its toll on your home’s exterior? Well, it’s a good time to think about new siding. With a a 77.3% rate, new siding tops the charts as the #1 item for ROI in property value. This accounts for 1,250 square-feet of siding and trim using either PVC or fiber-cement boards. Averaging just over $13,000 in costs, you can have a gorgeous home exterior and lose only 22.7% of your investment. Take that, Jack Frost.
Click here to see Remodeling magazine’s Cost vs Value report.