Top 2014 Home Improvements for Increasing Your Home’s Value
Good news for homeowners embarking on remodeling projects! For the second year in a row, cost versus value ratios are up for home remodeling, and your chances of recouping higher returns on remodeling investments are stronger than ever than in recent years.
According to an annual report from Remodeling Magazine in cooperation with Realtor® Magazine the cost-value ratio for 2014 stands at 66.1%. That means you can expect to see an average of 61% of your construction costs to be reflected in your home’s resale value.
Curb appeal remains the name of the game. Exterior improvements have topped the cost-value list for the second year in a row. As mundane as it seems, replacing doors, windows and siding outperforms larger projects. In fact, replacing a steel entry door is the only project to return more than 90% of its cost (96.6%). It’s almost the perfect remodeling/upgrade project, based on a low initial cost and a big boost to curb appeal.
The top 10 mid-range nationwide projects for 2014 are:
- Entry door replacement (steel) 96.6% cost recouped
- Deck addition (wood) 87.4% cost recouped
- Attic bedroom 84.3% cost recouped
- Garage door replacement 83.7% cost recouped
- Minor kitchen remodel 82.7% cost recouped
- Window replacement (wood) 79.3% cost recouped
- Window replacement (vinyl) 78.7% cost recouped
- Siding replacement (vinyl) 78.2% cost recouped
- Basement remodel 77.6% cost recouped
- Deck addition (composite) 74.3% cost recouped
Regional cost and value variations play a big role in choosing the right project for your home. Gauge this year’s trends where you live to find our which projects will help you retain the most resale value for your home.
Meanwhile, be wary of over-improvement and other upgrades that don’t actually affect your home’s value. Consult PenFed for Home Equity loans that make sense for your home and your budget.
Construction cost estimates were generated by RemodelMAX. Cost versus Value is a registered trademark of Hanley Wood, LLC.