A recent report shows that while the cost of many home remodeling projects has increased, the estimated home value did not always increase. The 2015 report from Remodeling, titled “2015 Remodeling Cost vs. Value Report” (www.costvsvalue.com) that the overall cost vs. value ratio for remodeling projects has dropped by several percentage points. Version of the report are offered for different regions and cities. It was found that often, the simpler, less expensive improvements had a higher cost vs. value ratio.
“Top 5 midrange remodeling projects
1. Entry door replacement (steel): 101.8% ROI, $1,230 average cost
2. Manufactured stone veneer: 92.2% ROI, $7,150 average cost
3. Garage door replacement: 88.4% ROI, $1,595 average cost
4. Siding replacement (vinyl): 80.7% ROI, $12,013 average cost
5. Deck addition (wood): 80.5% ROI, $10,048 average cost” – Realtor.com & www.costvsvalue.com
Obviously, the cost vs. value ration depends on your location and real estate market, so be sure to talk with a realtor when planning renovations, especially if you intend to sell your home in the near future. The full article can be found here.
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