Renovations and their Return on Investment

GET THE MOST FOR YOUR MONEY ON YOUR REMODEL OR REPLACEMENTS

Making the most of your home improvement investments can be tricky, subjective, and sometimes – expensive.  I’ve often been asked by potential sellers to price homes higher than market value based on the improvements that owners have made to the house.  Unfortunately, not all improvements or renovations are the same in terms of reaping a return. Why? In the eyes of prospective buyers – value can be all a matter of taste. Every year, Remodeling Magazine spotlights the best renovations for the money, and every year there are some tried and true favorites, and sometimes a few surprises.  Charlestons 2019 values are a little below the national average and a little above the regional level.  No surprises there.  Here’s a sampling from the current renovations list for Charleston:

Minor Kitchen Remodel

Job Cost: $21,968 Resale Value: $18,748 Cost Recouped: 85.3%

Bath Remodel

Job Cost: $19,591 Resale Value: $13,516 Cost Recouped: 69.0%

Window Replacement

Job Cost: $16,669 Resale Value: $13,913 Cost Recouped: 83.5%

Siding Replacement

Job Cost: $16,000 Resale Value: $15,759 Cost Recouped: 98.5%

Manufactured Stone Veneer

Job Cost: $8,123 Resale Value: $8,219 Cost Recouped: 101.2%

Wood Deck Addition

Job Cost: $12,485 Resale Value: $10,730 Cost Recouped: 85.9%

Entry Door Replacement

Job Cost: $1,796 Resale Value: $1,141 Cost Recouped: 63.5%

Garage Door Replacement

Job Cost: $3,581 Resale Value: $4,712 Cost Recouped: 131.6%

Roofing Replacement

Job Cost: $21,322 Resale Value: $18,421 Cost Recouped: 86.4%

Want to learn more about how to get the most from your home investment?  There are a lot of factors that can sway these numbers.  Contact me today.