Recovering the Cost of Remodeling Projects
In today’s housing market, there are a variety of remodeling projects homeowners can accomplish. With a little guidance, these projects can not only make your home more livable, like adding a bathroom for a growing family, but you can also recover much of the project’s job cost when it comes time to sell.
Below are some project examples that homeowners might do to increase the livability of a home with average midrange remodeling costs (prices based on the West South Central region of the U.S from Cost vs Value Report), the average increased home value amount, and the average return of investment (ROI) you can expect from your remodels.
Replacing Your Front Door
Replacing your front door with a steel front door is an example of a small change that can make a large impact on the value of your home. The average cost of replacing the door with labor and parts is $1,230 giving you an average $1,252 in increased value and an ROI of 101.8%.
Replacing Your Windows
Replacing windows in a home, especially in older homes, is a great way to update the look of the home. Not only are you updating the look but you’re also increasing the home’s energy efficiency saving you money every month. Edmond Glass mentions the best windows for Oklahoma weather,
“Vinyl windows are the most popular and efficient choice for windows. They require little to no maintenance, which is a huge plus when the seasons drastically change.”
If you update all of the windows in the home with new vinyl, energy-efficient windows, your average cost would be $11,198, with $8,163 in increased value for the home and a 72.9% ROI, in addition to the energy savings you’ll earn.
Replacing Garage Door
A garage door replacement is an easy remodel with an average cost of $1,595 giving the added value of $1,410, 88.4% ROI.
Remodeling the Bathroom
The cost and ROI of a bathroom remodel largely depend on the extent of the remodel. Realtor Karen Blevins, with the Karen Blevins Group, says,
“I think any remodeling bathrooms helps increase the value of your home. It also allows you to compete against new homes when you are selling.”
A minor remodel of an average 5×7 ft. bathroom with updated fixtures, medicine cabinet, porcelain tub and tile is about $16,724 providing the added value of $11,707, a 70.0% ROI.
Remodeling the Kitchen
Similar to a bathroom remodel, a kitchen remodels cost depends on the size of the kitchen and the scope of the project. A minor remodel of a 200 sq. ft. kitchen with energy-efficient appliances and a new floor averages around $19,226. This increases the value of the home to $15,255 and gives a 79.3% ROI.
Replacing Vinyl Siding
Curb appeal is incredibly important when trying to sell a home. Replacing the 1,250 sq. ft. of the existing siding with new vinyl siding, including all trim would run an average of about $12,013 with an added home value of $9,694 and an 80.7% ROI.
New paint is the easiest way to increase the value of your home; it adds a fresh, updated look for a fairly low price. The average cost for paint is $25.00 per gallon. Depending on the square footage of the home, people spend on average $917.00 to paint their entire home, which includes rollers, tape, etc. This gives an impressive average ROI of112%.
Added Master Suite
Creating a master suite will add an element of luxury to a home if done correctly. A 24×16-foot master bedroom suite, including a walk-in closet/dressing area and bathroom, will cost an average of $111,245 with the added home value of $68,596 providing a 61.7% ROI.
Adding a Deck
Having a nice outdoor space like a deck or a sunroom is always an added bonus to a home. The average cost of adding on a 16×20 wooden deck is $10,048 with an added home value of $8,085 resulting in an 80.5% ROI.
Remodeling a home is a great way to update a home and evolve as the families do. Not only will you be more satisfied with the home, but the added value to the home also makes the process much more worthwhile. These statistics were provided by the 2015 Cost vs Value chart.