In a recent study released by the Appraisal Institute advises homeowners to choose upgrades rather than major remodeling projects to see the greatest return on their investment.
According to Remodeling magazine’s most recent Cost vs. Value report (insert link) only five projects saw their cost-to-value ratios rise in year 2014, these included roofing replacement, garage door replacement, 20-guage steel entry door replacement, vinyl siding replacement and fiberglass entry door replacement. Among projects that saw the greatest declines were two – story additions, composite deck additions, master suite and kitchen remodels.
There are also some other minor projects with potential major payoffs, these include mid-range and upscale garage door replacements, manufactured stone veneer, mid-range window replacements and minor kitchen remodels.
Some green and energy-efficient renovations – such as adding Energy Star appliances and extra insulation – are likely to pay the homeowner back in lowered utility bills relatively quickly. Lower utility costs also are a draw for potential homebuyers.
For more information, visit www.appraisalinstitute.org
This site compares average cost for 36 popular remodeling projects with the value those projects retain at resale in 102 U.S. markets. Check out this year’s trends and how they compare to prior years. http://www.remodeling.hw.net/cost-vs-value/2015/
Full article: http://rismedia.com/2015-03-12/report-minor-home-improvements-offer-best-return/
National award-winners and seasoned Realtors with over many years of experience in Northern & Central New Jersey, Rahul & Smitha and their team have become New Jersey’s “Go To” agents and consistent leaders with a reputation for tenaciously protecting their clients’ interests. They specialize in Morris, Somerset, Essex, Union and Passaic Counties.