Originally published 2/7/2018
A frequent question many homeowners have is the value of a home improvement or renovation project.
I can just add the cost of the improvement to my sale price, right?
Not necessarily. Remodeling magazine and the National Association of Realtors© have released reports for 2017 analyzing the Return on Investment (ROI) and perceived value of various home renovation projects.
What projects will get me the most bang for my buck?
According to the Remodeling magazine report, the top 3 projects for the South Atlantic region in terms of financial ROI are: Sealing and insulating the attic to an R-30 value (123.3%), Replacing the lower portion of your vinyl siding with stone veneer (92.5%), and Replacing the garage door (86.7%).
Click Here for the full Remodeling magazine report
But wait! Only one is a money maker? If most renovation projects aren’t going to make me money, then I shouldn’t have them done, right?
Again, not necessarily. Financial ROI isn’t the only measure to consider. After all, we’re talking about YOUR HOME. This is the place you live your life, raise your family, and come home to every day. You should also take your comfort and happiness into account.
The National Association of Realtors© also evaluates projects with a Joy Score that rates projects in terms of happiness to the homeowner. In the 2017 Remodeling Impact report, there are 8 projects that have a perfect 10 on the Joy Score, including a new front door, closet renovation, and a new master suite. See the graphic below for more details.
Please contact the Daniels team if you would like recommendations on local contractors to work with you on a home improvement project to add value and joy to your home. We would also love to meet with you at your convenience to review the full reports and discuss the value of your home in today’s market.