Upgrades and Repairs That Pay Off
Cost vs. Value data show that the value of remodeling a property has increased over the last few years. For 2014, the cost-value ratio stands at 66 % , a jump of 5.5 points over last year and the largest increase since 2005. Before deciding if the remodel of an existing property is worth the money you will put into it, check out this Cost vs. Value report, which lists in order, the upgrades that will pay off the most.
According to the 2014 Cost vs Value report, the top 10 remodel projects which have the biggest gain are:
- Entry door replacement
- Garage door replacement
- Attic bedroom
- Basement bedroom
- Minor kitchen remodel
- Deck addition
- Window replacement
- Bathroom remodel
- Roofing replacement
- Backup generator *
Entry Door Replacement (steel) is once again ranked first, as has been the case since this project was introduced in 2009 and is the only project to return more than 90% of cost. Low initial cost combined with the positive effect on curb appeal is likely responsible for the high ranking. This also applies to the garage door replacement.
Attic and basement remodels have been trending upwards in recent years because they represent an inexpensive way to add living space to an existing home. Although the minor kitchen remodel, which includes: new appliances and countertops, and a facelift for existing cabinets, is not the least expensive project, it delivers a lot of bang for the buck.
*The Backup Power Generator numbers may reflect the market’s response to the past years unpredictable weather and multiple natural disasters.