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Best Remodeling Projects for the Money
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- Published on Sunday, 01 January 2012 15:42
- Written by Cathi Hawkinson
Whether you have thoughts of selling your home in the spring or you just want to preserve your home's value there are specific remodeling projects that will give you the best return on your home improvement dollars.
Recent research in the 2011-12 Remodeling Cost vs. Value Report indicates that 42 percent of homeowners believe now is a good time to remodel — and that number jumps to 56 percent if the household income is $100,000-plus. The report also states that a majority of homeowners pay for their projects with cash savings vs. getting a home improvement loan. So in today's world the homeowners who spend their hard-earned cash on a project will naturally expect some kind of return on their investment.
Replacement projects continue to perform better in resale value than other types of remodeling projects. A majority of the top-ranked remodeling projects deal with siding, windows and doors with a cost-value ratio above 70 percent. Most replacement projects take advantage of durable, low-maintenance materials that appeal to the homeowner who is looking to reduce both the operational and maintenance costs of their home.
They also add the necessary curb appeal that will get buyers through the door if the home is put on the market.
Real estate professionals say that replacement projects should be a part of maintaining any home and that most homeowners don't realize they can expect to recoup close to 70 percent of those costs upon resale.
So let's take a quick look at some of the home improvement trends that will work harder and smarter for the money you spend.
Durable, weatherproof, fireproof and termite resistant, fiber-cement siding is the fastest-growing trend for siding replacement. It doesn't shrink or expand with changes in temperature and humidity and needs to be painted less often. The bad news is that it's more expensive than traditional siding, $5 to $9 per square foot, installed. Percent of return on investment: 78 percent.
On the other hand, vinyl siding remains the most popular choice for siding materials, partly because of its durability and low cost. It makes it the go-to option for the person on a budget. Today's vinyl is lightweight, so it's easy to install and labor saving as well. Percent of return on investment: 72 percent.
Your curb appeal says a lot about you. Good curb appeal says you care about your home and the neighborhood. Flub on the curb-appeal factor and you immediately lower the property value of your home.
Replacing a worn entry door with a new steel door is the least expensive project in the report, costing around $1,200 on average. Percent of return on investment: 73 percent.
An attic bedroom is one of the top 10 remodeling projects despite being an expensive interior remodeling job. It is, however, the least expensive way to add a bedroom and bath to
your existing footprint of your home. Because the project is between the rafters, you can avoid many of the zoning restrictions that may be attached to a home addition. Percent of return on investment: 72 percent.
If your kitchen has seen better days, but the layout and size are good, a minor kitchen remodel can do wonders.
Think twice before you replace your kitchen cabinets. You can get a low-cost facelift by leaving the cabinet boxes in place and adding new doors and drawer fronts with updated hardware. Painting existing cabinets is also an option.
Laminate countertops used to be a blast from the past, but they have resurfaced as an affordable, durable, and moisture-proof replacement for kitchen countertops. Even vinyl kitchen flooring has come a long way in appearance and longevity. Good quality vinyl can last up to 20 years, making it one of the least expensive options for kitchen flooring.
Add EnergyStar-rated refrigerator, range and dishwasher and your kitchen transformation is complete. Percent of return on investment: 72 percent.
Garage doors account for up to 20 percent of your home's façade and can make or break a home's curb appeal if not chosen wisely. Since garage doors vary in price range, choose one that doesn't cost more than the value that it will likely add to your house.
Before you buy, do your homework and pick a door that suits the style of your home. It will be worth the effort. Percent of return on investment: 72 percent.
Before you plead honey-do-list exhaustion, we have one more project that deserves your consideration.
It should come as no surprise that adding a deck to your home is one of the most worthwhile of all home improvement projects. The real plus is that it increases the living area of your home at a minimal cost per square foot. And, if you thought a bigger deck was better, think again. The report states that a medium-size (16 x 20 foot) deck made of pressure-treated wood will give you the greatest bang for your buck. Percent of return on investment: 72 percent.
The 2011-12 Remodeling Cost vs. Value Report compares construction costs with resale values for midrange and upscale remodeling projects. This is the 14th consecutive year that the report, which is produced by Remodeling magazine, was published with the cooperation of the National Association of Realtors®.
The report can be read at
www.remodeling.hw.net/2011/costvsvalue/national.aspx.
