Each year, Remodeling Magazine presents a Cost vs. Value Report, noting which home improvement projects yielded the best return on investments, or ROI, and increased home values that year. As your Lake Martin real estate team, we’re here to tell you which projects were highest and lowest on the list for 2017, so you can plan for your remodeling efforts in 2018. The list only changes subtly from year to year, which is a good thing! The best projects are ones that stand the test of time.
The five best home improvement projects for ROI in the ‘midrange’ price range are:
-Attic Insulation, Fiberglass – 107.7% ROI – Average cost $1,343, Average resale value $1,446
-Entry Door Replacement, Steel – 90.7% ROI – Average cost $1,413, Average resale value $1,282
-Manufactured Stone Veneer – 89.4% ROI – Average cost $7,851, Average resale value $7,019
-Minor Kitchen Remodel – 80.2% ROI – Average cost $20,830, Average resale value $16,699
-Garage Door Replacement – 76.9% ROI – Average cost $1,749, Average resale value $1,345
The five best home improvement projects for ROI in the ‘upscale’ price range are:
-Garage Door Replacement – 85.0% ROI – Average cost $3,304, Average resale value $2,810
-Entry Door Replacement, Fiberglass – 77.8% ROI, Average cost $3,276, Average resale value $2,550
-Window Replacement, Vinyl – 73.9% ROI, Average cost $15,282, Average resale value $11,286
-Window Replacement, Wood – 73.0% ROI, Average cost $18,759. Average resale value $13,691
-Grand Entrance, Fiberglass – 70.1% ROI, Average cost $8,358, Average resale value $5,855
On the other side of the spectrum, the projects with the lowest return on investment for the midrange price range include:
-Bathroom Remodel – 64.8% ROI
-Master Suite Addition – 64.8% ROI
-Backyard Patio – 54.9% ROI
-Backup Power Generator – 54.0% ROI
-Bathroom Addition – 53.9% ROI
The projects in the upscale price range with the lowest ROI are:
-Major Kitchen Remodel – 61.9% ROI
-Master Suite Addition – 59.9% ROI
-Bathroom Remodel – 59.1% ROI
-Bathroom Addition – 57.1% ROI
-Deck Addition, Composite – 56.4% ROI
Some of these percentages don’t seem like a huge jump from the others, but when you’re talking thousands of dollars in remodels, it can make quite the difference. Hopefully this list will help you decide which home improvement projects to tackle in your Lake Martin home next year!
However, it’s important to keep in mind that this is a national report and that locally, Lake Martin ROI could vary from the national average, depending on what features are hot and most desired here. Plus, a lot of the lower ROI projects are still features that buyers desire in a home.
To help you decide, contact us, The Haynie Team! We can fill you in on what we notice buyers seeking most from a Lake Martin home, and we can answer any other questions you may have about the Lake Martin real estate market. When ready to buy, sell, invest, etc. in 2018 at Lake Martin, contact us! We are here and eager to help in the new year!
Becky Haynie, Associate Broker / Realtor
Lake Martin Realty