Cost VS Value: Three Remodeling Ideas for Your Home
Every year, homeowners spend millions on remodeling projects for their home. Of course, everyone wants their home to be up to date, stylish, and beautiful, however, there are a few other items to consider, especially if you plan on selling your home sooner, rather than later.
When it comes to remodeling or upgrading your home, you should keep in mind that some projects will protect your wallet by offering you a better resale value than others. We are going to discuss the top 3 most common remodeling projects in this article based on Remodeling.hw.net 2016 Cost vs. Value report and take a hard look at their cost vs. value when selling your home.
- Bathroom Remodel
While it is true that everyone loves a beautiful new bathroom with all the latest fixtures and updated plumbing, but how much does that come down to when you have to sell your home? An upscale, bathroom remodeling project is approximately $54,115. However, resale value of that indoor Jacuzzi tub and sauna is only $32,385. That is a recoup cost of 59.8%. That’s a modest return and not as much as most people had hoped for.
- Kitchen Remodel
This is one of the top remodeling projects that homeowners overtake at least once in their lifetime. A major kitchen remodeling project, with new appliances, will cost in the area of $36,329. While this is a worthwhile project, take a look at the numbers. The resale value of your new kitchen is approximately $22,840. This means you recoup 62.6% of your hard earned money, the return is quite decent.
- Fiber Cement Siding
Fiber cement siding is another popular project that instantly adds value to your home through improved curb appeal. With a variety of colors, textures, and shapes, from shiplap to shingles to architectural panel boards, there is sure to be a style that suits your taste. Most manufacturers offer a limited lifetime warranty that can be transferred to the new owners, which is certain to appeal to many new buyers.
An average sized home will cost about $14,000, including installation; but if you’re looking to DIY, below’s a quick video that shows how to install fiber cement siding.
The resale value of that remodeling project is $11,816! This means you would recoup 84.3%! This is an impressive number by anyone’s standards.
Of course, all of these projects have their appeal and they can mean different things to different buyers in different areas. Take these numbers into consideration before embarking on your next project.