Cost vs. Value on Remodeling Projects
Cost vs. Value on Remodeling ProjectsAccording to the National Association of REALTORS in an article published in their March/April 2013 edition, exterior home improvement projects recoup the most at resale. The article noted that siding replacement gave an estimated 78 percent return (based on replacing with new fiber-cement siding). Replacing one’s entry door with a steel door will bring an estimated 73% return at the sale and a $20,000 kitchen remodel has an estimated 71% return. These estimates are based on National statistics and will vary depending on individual market areas.
Top 5 Returns:
Siding Replacement (new fiber-cement siding) – Cost: $13,461 / Resale Value: $10,493 / 78% Return
Entry Door Replacement (steel door) – Cost: $1,238 / Resale Value: $903 / 73% Return
Attic Bedroom Addition – Cost: $50,148 / Resale Value: $36,345 / $72.5% Return
Kitchen: Minor Remodel – Cost: $19,588 / Resale Value: $14,120 / 72.1% Return
Garage Door Replacement – Cost: $1,512 / Resale Value: $1,087 / 71.9% Return
Source: National Association of REALTORS, REALTOR Magazine (Mar/Apr 2012).
