Completing a remodeling project will increase the beauty, enjoyment and pride that you have in your home. We know that remodeling your home requires the commitment of time and thoughtful budgeting and the return on your investment is important. Making improvements allows you to stay in your current home and you get to enjoy your return on investment on day one in your great new space, while the value of your whole house improves overtime. In this blog we’d like to highlight the remodeling projects that add the most value to your home, where you will see the biggest return.
To provide you with the most accurate information, we studied Remodeling Magazine’s 2013 Cost Vs. Value Report for Grand Rapids. To get descriptions of each project type, simply click highlighted links.
Entry and Garage Door Replacement
Midrange Steel Entry Door Replacement Average Job Cost: $1,089
Upscale Garage Door Replacement Average Job Cost: $2,656
Replacing your entry or garage doors will increase curb appeal, safety and bring you the highest return on your investment. A midrange steel entry door replacement can bring you an 85.2% return and an upscale garage door replacement rings in at a 78.5% return.
2. Fiber Cement and Foam-Backed Siding Replacement
Upscale Fiber Cement Replacement Average Job Cost: $12,200
Upscale Foam-Backed Vinyl Replacement Average Job Cost: $12,899
Installing new upscale siding is another exterior update that will bring you a very high return on your investment. Your house will look new from the outside and boasts an 86.5% return for fiber cement or 77.9% for foam-backed vinyl.
Midrange Composite Deck Addition Average Job Cost: $14,363
Upscale Composite Deck Addition Average Job Cost: $32,493
Adding or replacing your deck creates additional outdoor living spaces for your home. The decking material, size and design options you select will have an impact on your recoup value. Depending on your selections you can expect between 68.2%-57.1%
4. Vinyl and Wood Window Replacement
Upscale Vinyl Window Replacement Average Job Cost: $12,615
Upscale Wood Window Replacement Average Job Cost: $15,888
Get rid of old, drafty windows and replace them with energy efficient windows and save money on your utility bills. Both upscale vinyl and wood windows have a recoup value of 73.2% and 69.1% respectively.
Midrange Major Kitchen Remodel Average Job Cost: $52,027
Upscale Major Kitchen Remodel Average Job Cost: $104,366
The kitchen is where you and your guests usually end up spending a lot of time. So it makes perfect sense that it’s also one of the most popular spaces to remodel. Fortunately, major kitchen remodels rank high on the list in the midrange and upscale categories at 68.6% and 55.7% respectively.
Midrange Basement Remodel Average Job Cost: $56,966
Basement remodels are great for adding living space to your home. The space can be designed to accommodate all sorts of activities: movie viewing, crafts, guest bedrooms, or exercise. A midrange basement remodel brings 59.1% return on investment.
Midrange Bathroom Remodel Average Job Cost: $14,881
Upscale Bathroom Remodel Average Job Cost: $47,799
Update your bathroom with a new vanity and shower or completely redesign it and add all new fixtures. In either case, a midrange bathroom has a recoup value of 59% and an upscale bathroom is valued at 52.3%.
As you can see from our list, remodeling is a worthwhile investment. The investment you make today to make your home more enjoyable will add value to your home. Homes with updated and remodeled spaces are very attractive to prospective buyers and may be just the thing that tips their decision in your favor.