According to Remodeling Magazine’s Cost vs. Value report there are a number of investments that have a proven return on investment. And the good news is not much has changed from last year, so you know your investment will be worthwhile in the future.
For starters, work on the outside of your house. Curb appeal projects such as an updated front door, new windows or siding resulted in a higher ROI than work done inside the house.
In the South Atlantic region, which includes Delaware, Maryland, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida and the District of Columbia, the top “midrange” projects with the highest ROI are:
1. Attic Insulation (Fiberglass)- The average job cost is $1,343 and the average resale value is $1,446. ROI is 107.7%.
2. Manufactured Stone Veneer- The average job cost is $7,851 and the average resale value is $7,019. ROI is 89.4%.
3. Entry Door Replacement (Steel)- The average job cost is $1,413 and the average resale value is $1,282. ROI is 90.7%.
These are quite consistent with the national “midrange” averages with the top cost recouping projects being: Attic Installation (fiberglass), Entry Door Replacement (steel) and Manufactured Stone Veneer.
In the upscale category, the leading projects of the South Atlantic region are:
1. Garage door replacement- The average job cost is $3,304 and the average resale value is $2,810. The cost recouped is 85.0%.
2. Window Replacement (vinyl)- The average job cost is $15,282 and the average resale value is $11,286. The cost recouped is 73.9%.
3. Entry door replacement (fiberglass)- The average job cost is $3,276 and the average resale value is $2,550. The cost recouped is 77.8%.
Nationally, the best investments are Garage door replacement, entry door replacement (fiberglass) and window replacement (vinyl).
In the “midrange” category the worst projects nationally are bathroom addition, backup power generator and backyard patio. In the South Atlantic region, the worst are backup power generator, backyard patio and bathroom addition.
In the “upscale” category the worst projects nationally are deck addition (composite), bathroom addition and bathroom remodel. In the South Atlantic region, the worst investments are bathroom addition, bathroom remodel and master suite addition.