Home Renovations that Give the Highest Returns, Part 2

Yesterday we looked at the 2014 statistics from the National Association of Realtors’® “Cost vs. Value” report for “midrange” home upgrades in the Middle-Atlantic region. Today we’ll look at 13 “upscale” projects, showing the average costs and the percentages of costs home owners can expect to recover when they sell their homes. Again, they’re listed from the highest to the lowest percentage of cost recovery.

 

               Project                                                   Cost                 Value              % Recovered

Garage Door Replacement*                               $ 2,842            $ 2,219                         78.0%

Siding Replacement (Fiber-Cement)              $13,818           $10,559                       76.0%

Siding Replacement (Foam-backed Vinyl)    $14,631           $10,090                       69.0%

Window Replacement (Vinyl)*                          $13,527           $ 9,051                        67.0%

Grand Entrance (Fiberglass)                              $ 7,356            $ 4,805                        65.0%

Window Replacement (Wood)*                        $16,995           $10,565                       62.0%

Major Kitchen Remodel*                                     $111,758         $61,624                       55.0%

Deck Addition (Composite)*                              $35,996           $19,943                       55.0%

Roofing Replacement*                                         $36,792           $19,704                       54.0%

Bathroom Remodel*                                             $52,247           $27,528                       53.0%

Bathroom Addition*                                              $74,221           $37,121                       50.0%

Garage Addition*                                                   $84,062           $41,357                       49.0%

Master Suite Addition *                                     $230,460         $105,306                     46.0%

Projects with asterisks (*) were surveyed both for “midrange” and “upscale” versions; the numbers above are for the upscale versions.

For all of the above “upscale” projects, the percentages of cost recoveries were lower in the Middle-Atlantic region than the national recovery percentages.

Interestingly, if we compare “upscale” projects to “midrange” projects of the same type (for example, garage door replacement) we find a lower percentage recovery for every “upscale” project except one: bathroom additions recovered 50.0% of costs regardless of whether they were midrange or upscale.

The bottom line is that you never recover the full cost of home renovation projects. If you decide to remodel or upgrade part of your house, do it for the pleasure it gives you and for the improvements you find in your daily living.

Hope this information was useful to you.

Len

Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739  (cell)    (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com

@ListWithLen

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