Though most homeowners set a remodeling budget to maximize what they can do for their projects, it is nice to know what one could expect for a return increase in home value. According to the Remodeling 2019 Cost vs. Value Report, this year there is a noteworthy improvement in the rate of return for home remodeling projects and how much a home’s value increased. In 2018, eight of the twenty-two projects went up in their rate of return from the prior year. In 2019, that number has doubled to 16 out of the 22 having more value for the amount invested as compared to the prior year.
The highest rate of return had to do with readying a home for sale by improving curb appeal, e.g. a new garage door and addition of manufactured stone veneer accents got over 94% recoup of cost. However, most remodeling projects are done to customize the house to the homeowner’s lifestyle and design preferences. Here are the top five types of remodeling projects for longer term enjoyment that we see in our market, with the national average invested and their cost recouped.*
Most homeowners remodel so they can enjoy their made new home for many years, and it is nice to know what one can expect to recoup. It is like the future buyer is paying for most of it, while one benefits from the beauty and facilitation of personal lifestyle in the meantime! If HGTV is a fair indicator, doing a whole house remodel with good design and flow seems to always net a return greater than what was spent in the remodel.
Happy Remodeling!
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*© 2019 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
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