When you are remodeling your home, especially if it’s your first home, you should always keep the resale value in mind. Just because you put all this money in your home office or a sunroom, doesn’t mean you will get all of it back when it’s time to sell the house. However, if you are smart and moderate with your remodeling investments, it’s possible to recoup a big portion of your original expense. The latest Cost vs. Value Report for 2014 is out, and here are some of the top home remodeling projects that can bring you the biggest payoff according to this nationwide data.
Steel Entry Door
A new steel entry door with 20-gauge steel panels and dual-pane glass brings about a 96.6 percent return on investment these days. Steel is great both for security and insulation, and just like wood it can be painted any color to match or complement the home’s exterior. If you live in an urban area, steel doors are not only practical, but are also strong enough to prevent a break-in. Steel door installation is a safe bet for many urban homeowners looking to add security and value to their homes.
A wooden deck cost can be recouped up to 87.4 percent. We are talking about a simple platform-type deck made with pressure treated wood and anchored on concrete posts. Interestingly, an upscale multi-level composite deck only offers a 65.1 percent return on investment due to a higher cost and lower value. It looks like the wooden decks are still in, despite the high maintenance factor. As the report doesn’t account for the maintenance costs, it might be wise to do some basic calculations before deciding on the best material for your Maryland deck construction. Besides, many buyers might not be interested in maintaining a wooden deck, so it’s worth consulting with your real estate agent regarding the common trends in your area.
Siding replacement is one of those home improvement projects that bring a better return when you opt for high-quality, more expensive materials. With an average price difference of $1,900 for 1,250 square feet, fiber-cement siding offers 87 percent price recoup versus 78.2 percent for vinyl siding. Foam-backed vinyl is not far behind with 78.1 percent. It’s also good to know that the cost/value ratio of fiber-cement siding has remained consistent over the past nine years, so it’s safe to say this is a great investment until new, more energy efficient materials enter the market.
Turning your dusty attic into an extra bedroom can yield as much as 84.3 percent recoup on the initial cost. However, in order for your attic bedroom to be worth the expense, it should be fully insulated and finished, have HVAC, electrical wiring and plumbing, several windows and a bathroom with a shower. The value of an attic bedroom is the highest ever in the past ten years, despite the gradual decline since 2009-2010. The cost has been slowly climbing up, but has stabilized in the recent years around $50,000 for a mid-range project.
You probably didn’t expect to see a garage door on this list, but, in fact, it is a rather inexpensive and a high-return home improvement project you could implement. The price difference between a high-end garage door with R-12 insulation, thermal seals and high-strength steel versus an average uninsulated 4-section door is a little over $1,000. The return on both, however, is within the 82 – 84 percent range. Either one will be a good investment, but an insulated garage door will also help keep both your garage and home warmer.
Hope you’ve got a few ideas from this list for your next home remodeling project in 2015. And if you need a trusted Maryland contractor to help you plan and conduct these renovations, give our pros at Custom Deck Builders a call. We might specialize in decks, but we also offer a variety of other home remodeling services to our Maryland and Southern Pennsylvania customers.