Jumping into a remodeling project can be a daunting task, especially if you're dreaming about marble this and stainless that. Whether it’s a major remodel or a small project, you need to do your research first and avoid taking the proverbial head-first dive into the remodeling project deep-end.
Home Improvement ROI isn’t “As Seen on T.V.”
Home improvement TV shows give the impression that you will gain a tidy profit on any home improvement.
“Flippers” do this all the time, but generally speaking, most projects won’t turn a profit or even recoup 100% of your money. For example, “flipping” a house is very different from preparing your home to go on the market eventually.
Some projects will protect your wallet more than others, particularly if you are planning to sell your home in a few years. But how do you know which projects lead to increasing the value of your home?
A trade magazine for contractors called Remodeling has been tracking home improvement projects and how much of the cost of each project is recouped when the home sells since 2002. Here’s their 2015 Atlanta guide on cost vs. value.
When it comes to remodeling projects with the most value, the top projects all have these items in common:
- They aren’t too costly.
- They focus on energy efficiency.
- They are good in quality (not necessarily the highest-quality projects though).
- They are easy to maintain.
1. Entry Door Replacement (Steel) – 101.1%
Replacing your old front door with a new steel door is a project that kicks up curb appeal and yields the best payback. While a relatively low-cost project, it can also help you save on energy costs.
2. New Siding (Fiber-Cement) – 99.7%
Old siding, along with generally sad curb appeal, can contribute up to a 10% loss of your home’s value. When replacing, both vinyl and fiber-cement siding are good replacement options. For Atlanta, fiber-cement siding showed a strong payback of 99.7%, and vinyl siding recouped 87.6%.
3. Garage Door Replacement – 92.7%
A new garage door can provide a big boost for your home’s curb appeal at a relatively low cost, which is exactly the type of project you are looking for if you’re thinking about selling your house.
4. Attic Bedroom Remodel – 89%
You’ll gain living space without having to add on to your home’s footprint, which in turn will help keep the total cost of this project down. There are code restrictions when making this conversion, so you’ll need to consult a contractor familiar with your local building codes.
5. Deck Addition – 81.1%
Atlanta residents’ love for outdoor space – especially decks and patios – continues to rise. Decks allow you to expand your outdoor space at a relatively low cost compared to additions. And chances are, you won’t regret your decision when summer rolls around.
Extra Fact: The big two—kitchen flip and full bathroom remodel—have returns of 67.4% and 63.9% respectively at resale, according to the report.
Quality Craftsmen is a general contractor with 25+ years of expertise creating dream homes for North Atlanta homeowners. If you would like to speak with one of our project managers about adding more value to your home, contact Quality Craftsmen today. Or call (404) 483-07446.
We can help you fall in love with your home all over again. Quality might take some extra time, but corners are never cut.