Summer is often the best time to get home updates or remodeling projects completed. While every homeowner has specific renovations on their wish list, the truth is some are worth more than others when it comes to a Return on Investment, or ROI. Keeping this in mind is especially important for anyone planning to sell their home, or whom is focused on property as a solid investment. To help homeowners determine which are the projects most likely to pay off, Remodeling Magazine has released it popular Annual Cost Vs Value Report.
The San Jose Cost vs Value Report provides some interesting insight. Within the report 19 projects for mid-range properties are included, and 10 projects for luxury homes. What is striking, at first glance, is just how much of an ROI can be achieved with most of the listed projects. Over half of the renovations can recoup over 100% return on investment, with others still within a range of 88-97%. These strong ROI figures reflect the growing demand for updated homes in our region, which can add to the overall value of a property.
The top projects in the San Jose area for mid-range homes are Attic Insulation at 272% ROI and Fiberglass Entry Door Replacements at 138% ROI; another common theme in many regions across the country. For luxury homes, the top projects are Garage Door Replacements at 148.3% ROI and Vinyl Window Replacements at 106.3% ROI, which are strong investments in other regions as well.
Many of the trends in home remodeling are focused on innovative ways to achieve energy efficiency, and incorporate our digital lives into our homes, such as through Smart home products and services. When you consider how much more has come available in just the last couple of years, the strong ROIs being reported is not a big surprise.
If you are planning to update your home, reviewing the latest Cost vs Value Report from Remodeling Magazine is a great place to begin your own research. If you are ready to sell or buy a home, working with a Realtor® who understands the market and the region, will make for a better experience. We at Haylen Group are here to help you with all your real estate needs! As your agent, we will strive to work together and give you the best support we can. 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.