Remodeling Magazine recently released their 2016 Cost vs. Value Report, containing the latest data on how much real estate experts estimate a home’s resale value will increase according to the 30 most popular home remodeling / improvement projects.
- Fiberglass attic insulation – 116.9%
- Manufactured exterior stone veneer – 92.9%
- Garage door replacement – 91.5%
- Entry door replacement (steel or fiberglass) – 91.1% or 82.3%
- Kitchen remodel (moderate or major) – 83.1% or 64.9%
- Siding replacement (engineered or vinyl) – 78.6% or 73.2%
- New deck (wood or composite) – 75% or 64.4%
- Roofing replacement – 71.7%
- Basement remodel – 70.4%
- Adding a second story – 69.3%
- Family room addition – 67.9%
- Bathroom remodel – 65.7%
Given that real estate professionals’ views on the value of remodeling are often tied to the status of the local real estate market, many of these percentages have gone up since last year, thanks to the stronger housing market in most major U.S. regions: through October 2015, prices for existing homes were up 5.9% from the year earlier, and that’s on top of a 5.7% gain in 2014, according to the National Association of Realtors.
The prognosis is clear: 2016 is a great year for getting that long-dreamed-of kitchen, basement, or home improvement job done. The increased value on your home will go a long way to offset, if not cover, the entire expense.
Best of all, you know someone with the knowledge and expertise to get the work done correctly. Skydell has spent the past 28 years helping people do nearly every one of the projects listed above.
Give us a call and let’s help improve your home’s function, character, and value today!