Study: Housing market, jobs impact home remodeling
Posted on Wednesday, January 14, 2015 at 7:59:21 AM
Which home improvement project provides the most value for its price? Is it a new addition, or is it a window replacement?
According to Hanley Wood's annual 2015 Remodeling Cost vs. Value Report, the correct answer is actually the steel entry door. This home improvement is well worth the financial investment for homeowners. Close behind are the garage door replacement, a new roof and vinyl siding.
Overall, however, the cost-to-value ratio for all home improvements dropped 3.9 percent on a yearly basis, now at 62.2 percent. On a larger scale, cost increases were a constant, while it was harder to find matching value gains as well.
National Association of Realtors president Chris Polychron explained that homeowners often have a hard time choosing the right remodeling projects. He added that curb appeal should be the first place to look.
"Realtors know what buyers are looking for during their search, and curb appeal is and always will be important," Polychron said in a statement. "That explains why Realtors once again rated exterior projects as some of the most attractive and valuable for homeowners."
If you are interested in home improvement financing and starting a project on your property, then consider smaller, exterior upgrades as a way to recoup most, if not all, of your costs.