This annual report from Remodeling Magazine covers 12 project areas, broken into different levels of job costs, resale value, and cost recouped. This is usually an interesting and viable resource for homeowners who are contemplating a remodel, or for those who already have completed one this year. Resale value, in my opinion, is always a good thing for the remodeler (homeowner) to consider, as sometimes what will boost the value of a home is sometimes overestimated. The reader may go online and download a full report for his or her area, see link below. This report is based on the Los Angeles area.
There are five projects covered in this post, chosen according to highest return on value, regardless of the original investment amount. Many times homeowners can maximize their sale price without plunking down a huge investment.
Second highest return on cost: As in past several years, garage door replacement brings in over 100% of investment (106.6%). The replacement is a four-section steel door with foam insulation and windows in the top panel, insulated glass. The motorized door opener was not replaced. Cost: $3,956.
Highest return on cost: manufactured stone veneer with a return of 120.2%, which involved removing a 300-square-foot of vinyl siding from front of property, and replacing with manufactured stone veneer. Additional installation included two separate layers of water-resistive barrier over bare sheathing. Total cost: $9,699.
Minor kitchen remodel: 95.1% return on value. This involved replacing cabinet fronts on original cabinetry with new wood panels and drawer fronts, including new hardware. Replace cooktop/oven range and refrigerator with new energy-efficient models. Replace laminate countertops; install sink and faucet and new flooring, new painted walls, trim, and ceiling. Cost $26,993.
Entry Steel Door Replacement: 91.2%, cost $2,119. This is a factory finished door with same color on both sides, lockset replaced, included dual-pane glass panel.
Composite Deck addition; 84.4%, 16x20-foot deck composite material in a simple linear pattern. Include built-in bench and planter, stairs, assuming three steps, railing using a matching system made of the same composite. Cost $23,911.
Surprisingly, bath remodels or additions, which vary in cost, did not recoup as much as the kitchen mentioned above. Roofing and siding replacements fared higher in return than bathrooms. For more complete cost comparisons, and costs in different regions, please review a download of the Remodeling article.
All project information in this post is from: Remodeling 2020 Cost vs. Value Report (www.costvsvalue.com) ©2020 Hanley Wood Media Inc. Complete data from the Remodeling
2020 Cost vs. Value Report can be downloaded free at www.costvsvalue.com
For a market estimate of your property, and to find out what recently remodeled properties in your area have sold for, please contact me for a professional valuation.
Julia Huntsman, REALTOR, Broker | www.juliahuntsman.com | 562-896-2609 | California Lic. #01188996
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