Remodeling Cost vs. Value

Will Remodeling Pay Off?

 

Every year, Remodeling Magazine evaluates which projects bring the most return at resale in different markets around the country in their “Cost vs. Value” report. While returns have dipped nationwide due to growing costs and consumer anxiety, Seattle still saw better pay-off on remodeling than the national average. The chart below shows cost vs. value on the most common remodeling projects…

 

Cost vs. Value for Common Remodeling Projects

 

When looking at the full list of projects, curb appeal projects seem to bring the most bang for your buck.

According to Remodeling Magazine, these are the six top projects in our region that currently have the best return on your investment when it comes time to sell. To see the full report, click here.

 

Manufactured Stone Veneer

As long as the new stone veneer is consistent with your neighborhood’s overall look, this siding accent was rated the most profitable project in the Seattle area.

Stone veneer can replace your home’s existing siding, adding a fresh, modern look that conjures a cozy vibe all the way from the street, before buyers ever step foot inside. In Seattle it can recoup 118.5 percent of the cost when you sell.

 

Garage Door Replacement

In the Seattle area, replacing your garage door will cost an average $3,882, but will increase your resale value by $4,136, recouping 106.6 percent of what you paid for it.

Due to its size, a garage door can have a big impact on a home’s curb appeal. But adding to your home’s aesthetic is only one advantage; the warranty that comes with the new garage door is also a selling point for potential buyers who can trust that they likely won’t have to deal with any maintenance issues in the near term.

 

Wood Deck Addition

While building a deck might seem like a big undertaking, it’s actually a pretty cost-effective way to add to your enjoyment and positively impact your home’s resale value. Seattle-area homeowners can expect to pay about $19,000, but they’ll recoup 95.1 percent of that when they sell.

Adding a deck extends the living space of your home and provides even more area for entertaining, relaxing, and enjoying the outdoors. Whether you choose a natural wood deck or a low-maintenance composite deck, you can pick from a variety of styles based on the lay of your land and the areas of your backyard you wish to highlight.


Siding Replacement

Depending on the size of your home, replacing the siding can be an expensive undertaking. However, it’s a project that comes with high returns. For the Seattle area, sellers can expect 94.9 percent of the costs recouped.

Not only is siding one of the first things a buyer sees, but it also serves as an indicator of the overall health of the home. Broken or damaged siding could mean that there are other problems with the home, such as pests and rot. Replacing old siding is a cost-effective way to boost your home’s curb appeal and ensure buyers are going to walk through your front door.

 

New Vinyl Windows

Vinyl windows can add an instant update in both appearance and energy efficiency. The average cost to replace 10 windows is about $19,501 but you’ll recoup 89.5 percent of that cost when it’s time to sell. If any of your windows are fogged from broken seals then replacement will probably be a must before it’s time to sell.

 

Minor Kitchen Remodel

No need to move walls or appliances around, a minor kitchen remodel will do the trick to recoup 89.1 percent of the cost in our area.

An outdated kitchen can go from drab to fab and become a focal point with a fresh palette. Replace the cabinet doors with new shaker-style wood panels and metal or metal-looking hardware. Switch out the old counter tops with a cost-efficient option that matches the new look. Think about adding a resilient flooring option, then finish the project with a fresh coat of paint to the walls, trim, and ceiling.

 


ABOUT WINDERMERE MERCER ISLAND

We earn the trust and loyalty of our brokers and clients by doing real estate exceptionally well. The leader in our market, we deliver client-focused service in an authentic, collaborative and transparent manner and with the unmatched knowledge and expertise that comes from decades of experience.

 

 

© Copyright 2020, Windermere Real Estate/Mercer Island. Adapted from an article originally posted on Windermere.com. Remodeling data © 2020 Hanley Wood Media Inc. Complete data from the Remodeling 2020 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.

Posted on February 4, 2020 at 12:41 pm
Windermere Mercer Island | Category: Tom Fine's Blog | Tagged , , , , , , , , , , , , , , , ,

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