One of the best perks of owning your own home is the ability to change your space when you want. From a fresh coat of paint to remodeling a room or even adding on a new one, you have the option to make these changes and add to your comfort at home. When it comes to gaining the most value from remodeling projects trends vary year to year as to which ones add the most return for your investment, which is something to be aware of if you are planning to sell your home. Remodeling Magazine has been tracking how different remodeling projects add or even diminish the overall value of homes for more than 10 years now. What’s more, this annual report doesn’t look at just national and regional trends, it provides data down to the city/metro area, including San Jose. According to the Remodeling 2015 Cost vs. Value report (www.costvsvalue.com) there are some interesting trends to take note of.
The one project that brings in the greatest return on investment is also one that has a lower cost and is easy to get accomplished. By simply replacing your front door with a steel one you can gain up to 235.6% in a return. Updating your front door is one of the best ways to improve the curb appeal of your home and is one of the quickest projects that you can do. Steel doors tend to be a more cost effective approach compared to other materials such as wood or fiberglass, and are a great deterrent against intruders. A good door can also help you save money in energy costs so it is something I highly recommend, especially if your door is 15 years or older.
Replacing your garage door is another top performing project for the best return on your investment. The Cost Vs Value report shows that with an average cost in the San Jose area of $1,900, the value increases up to $3,000 or 159.9%. There are other exterior projects that add to the value of your home as well, making this one part of your property worth the time and cost. Stone veneer accents will bring a return of 143.3%, and new vinyl siding a return of 104.5%. Updating the exterior of your home, especially if you are planning to sell is one of the best ways to maximize curb appeal. A clean look outside with no damage or wear shows potential buyers that you are remodel savvy.
Another popular choice for a mid-range home remodeling project which brings a high return on investment is one that has seen a boost in popularity in response to the latest recession. Fewer families have sought to move up in terms of a larger home, and more families have become multigenerational in terms of household members. This has resulted in a lot of attics being remodeled into an extra bedroom, and the idea is paying off bigtime in the San Jose area. According to the Cost Vs Value report, an attic renovation to bedroom can bring up to a 125.7% return on the investment. With an average cost of $65,000, these remodel projects bring you more living space without have to add to your home, keeping over all costs lower. According to the report the resale value of this type of project is $82,000 on average. If you want to have a large impact in adding to the value of your home, this is a gem worth considering.
Any one of these projects can add value to your home. The entire Cost vs Value report is extensive and provides information on both midrange and upscale home projects. When you are ready to buy or sell a home, we at Haylen Group are here to help you with all of your real estate needs! If you are unsure what your options are, call Helen Chong at (408) 800-LIST or email at Helen@HaylenGroup.com. You can also visit us at our website for available listings and additional information.