Home Value
When seeking ways to increase the value of your home it is important to be aware of national and regional home remodeling and resale trends. By concentrating your remodeling efforts and budget on projects that offer a higher return on investment (ROI), you can create a beautiful, comfortable home with improved marketability and a significantly increased market value.
All home improvement projects are not equal – factors such as interior or exterior, mid-range or upscale, and the availability and price of new and existing homes in your area can strongly affect the costs and resale values of remodeling projects. While the overall cost versus value ratio of the home remodeling market has increased, certain projects produce a more favorable ROI. In general, the projects that generate the highest returns tend to be replacements focused on increasing the curb appeal of a home. Mid-range entry door replacements offer the highest ROI, followed by wooden deck additions, mid-range garage door replacements, upscale garage door replacements, and upscale siding replacement.
This is not to say that interior remodeling projects do not yield marketable returns, however. In fact, of the top 12 ROI projects, three were focused on interior remodeling: mid-range attic bedroom, mid-range minor kitchen remodel, and mid-range basement remodel (ranking in at 6th, 7th, and 11th, respectively). Most importantly, these cost-versus-value ratios reflect a trend away from additions and towards maximizing the aesthetics, efficiency, and functionality of the existing space.
Before beginning any home improvement projects, though, you should first review the 2020 Cost vs. Value Report (available online) to determine the projects that offer the best ways to increase the value of your home. Regardless of which project you choose, for professional assistance in completing your replacement or remodeling job and maximizing the appeal and value of your home, please contact House Doctors today.
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