Your home is your castle. It is the place that you can make your own. As a homeowner you can change a room, and add new ones. You can decide what kind of yard you want. If you are looking to increase your home equity value, and possibly sell your home in the future, you should know there are some home improvement projects that really do pay off in terms of the value received from your return on investment (ROI). Trends in projects change over time, and there are regional differences across the country. The California Association of Realtors® recently shared Remodeling Magazine’s latest findings for Cost vs Value in the Pacific Region. For mid-range priced homes. If you have been wondering what change to make next in your home, check out the list below to help you get started.
Doors, Decks & Windows are at the top of the list:
- Replacing your front door with a steel one can bring up to 123% ROI. The average cost of a steel door is $1,366, while the average resale value is at $1,683.
- A garage door replacement cost on average $1,756 and brings a resale value of $1,929 on average, giving you a potential 110% ROI.
- A deck addition is almost always a plus no matter where you live. If you add a wood deck, the average cost is $11,685 with a potential ROI of $11,828 or 101.2%. If you go with a composite material for your deck the ROI is a bit less at 80%, with an average cost of $17,484 and resale value at $13,995.
- To replace your windows is a lower cost investment that will bring you a lower ROI when it comes time to sell. Wood window replacements can bring as much as a 95.4% ROI with an average cost of $12,489 and resale value of $11,911. Vinyl windows show a return though not quite as much, you can get on average of 90.5% back on an average cost of $11,465 and resale value of $10,372.
Should you remodel or build an addition? It all depends on the room in question.
- Creating an attic bedroom as an addition is a big pay off for your ROI. On average a project like this will cost $60,675, with a resale value of $55,646, or 91.7% of the cost. This is no surprise with the number of multigenerational households we are seeing on the rise. If you go with a whole new floor, converting a one story to a two story home, the ROI is not as great, but still pretty significant with an average recoup of 74.3% from an average cost $183,801 and resale value of $136,524.
- A Bathroom remodel will get you more on average than a bathroom addition. A remodel costing on average $19,436 will bring a resale value of 85.8%, or $16,681. A new addition of a bathroom however will only bring you a 73.9% ROI. The average cost to add a bathroom in our region is $45,635 and the average resale is $33,715.
- Adding a sunroom to your property can also be beneficial for resale value. While not as high as the others you could see a 56.7% ROI with an average cost coming in at $83,694 compared to a resale value of $47,488.
If you are ready to update your home, any one of the projects above would be a great one to consider when it comes to the return on your investment. Your home should be as you want it. When a project adds to the value of your home, it’s even better. 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.