Top 5 Return on Investment Home Improvement Projects for 2015
By: Danny Lipford
Before deciding to tackle a home improvement or remodeling project, you might want to take into account which projects provide the most bang for the buck if you should sell your house.
Each year Remodeling magazine compiles an extensive Remodeling Cost vs. Value Report which lists the average cost of over 30 home improvement and renovation projects, ranging from door and window replacements to kitchen and bathroom remodels, in nine different regions of the U.S.
The report gives the average cost of each project (including labor and materials), as well as how much it will increase the value of your home, and the percentage of the cost you can expect to recover if you should decide to sell your house within a few years of the improvement.
Projects with the highest return on investment for 2015:
- Entry Door Replacement: Replacing an existing entry door and installing a factory finished steel entry door. The project costs on average $1,230 and returns 101.8% of the investment upon resale.
- Manufactured Stone Veneer: Removing 300 square feet of vinyl siding from the bottom third of a house and replacing it with manufactured stone veneer. The project costs on average $7,150 and returns 92.2% of the investment upon resale.
- Garage Door Replacement: Removing an existing 16’ x 7’ garage door and installing a new, four-section garage door and tracks using the existing motorized opener. The project costs on average $1,595 and returns 88.4% of the investment upon resale.
- Vinyl Siding Installation: Replacing 1,250 square feet of existing siding with vinyl siding and trim. The project costs on average $12,013 and returns 80.7% of the investment upon resale.
- Wood Deck Addition: Adding a 16’ x 20’ pressure treated wood deck with steps, a wood railing, built-in bench seating, and a wooden planter. The project costs on average $10,048 and returns 80.5% of the investment upon resale.
Since all but one of the top home improvement projects return less than the amount spent, make sure the project is one that’s needed and you will enjoy using while you own the house.
© 2015 Hanley Wood, LLC. Complete data from the Remodeling 2015 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.