According to Remodeling magazine’s 2016 “Cost vs. Value Report,” the average payback on home improvement projects has increased since last year with an average of 64.4 percent of a project’s investment dollars getting recouped if the home is sold within a year.
Out of the 30 projects surveyed, the one that came out on top was also new to the report: an attic insulation project with a 116.9% return on investment upon resale. This was followed by manufactured stone veneer (92.9% return), the midscale garage door replacement (91.5%), a steel entry door replacement (91.1%) and the upscale garage door replacement (90.1%).
Based on interviews with real estate professionals throughout the country, the Remodeling report also found that the simpler and lower cost the project, the bigger its cost-value ratio. As has been the case since 2003, replacement projects performed better than remodeling projects, with window and siding jobs faring better than kitchen and bath work. Additionally 12 of the 15 highest-scoring projects were for work done on the exterior of the home, thus adding to curb appeal.
Click here to access the “Cost vs. Value” website, where you can download data for all regions of the country.
