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Top Home Improvements
Home
Improvements With High Returns
According to a 2006 survey conducted by Remodeling
Online the home improvement with the highest return
nationwide is a mid-range siding replacement. Other top
projects included Window Replacement (Wood), Minor
Kitchen Remodel, Bathroom Remodel, Window Replacement
(Vinyl), Two-Story Addition and a Major Kitchen Remodel.
The survey included information gathered from nearly
2,200 real estate agents in 60 cities throughout the
country. See below for specifics.
The survey was conducted in order to determine which
home improvements provided the best return on
investment, in other words, which improvement expenses
were most easily recouped when it came time to sell the
property.
As you can see from the survey results, the siding
replacement provided the highest return recouping 87.2%
of the actual cost, with all projects below recouping a
minimum of 80% or their actual cost.
| Home
Improvement Job |
Cost |
Resale Value |
Cost
Recouped |
| |
|
|
|
|
Siding Replacement (Vinyl) |
$9,134 |
$7,963 |
87.2% |
|
Window Replacement (Wood) |
$11,040 |
$9,416 |
85.3% |
|
Minor Kitchen Remodel |
$17,928 |
$15,278 |
85.2% |
|
Bathroom Remodel |
$12,918 |
$10,970 |
84.9% |
|
Window Replacement (Vinyl) |
$13,120 |
$11,109 |
84.7% |
|
Two-Story Addition |
$105,297 |
$87,654 |
83.2% |
|
Major Kitchen Remodel |
$54,241 |
$43,603 |
80.4% |
Source of survey information: Remodeling
Online/Hanley-Wood *The data above represents national
averages of mid-range improvement projects.
This continues to show that you should make home
improvements based on the value they will provide you
personally while living in the home and not necessarily
to increase the value of the property at the time of
resale. The exception to this may be when there is a
fatal flaw that is keeping the home from selling. In
this case, making the necessary improvements may be the
difference between selling or not selling.
Keep in mind also that the value of any improvements is
dependant on the quality with which the work is done and
may be limited by the value of surrounding properties.
If the work is performed poorly it may reduce the
overall value of the property and if it is too
inconsistent with the surrounding properties it may not
be considered valuable by prospective buyers and may not
add any value to the property.
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