Cost Vs. Value: Experts Say Curb Appeal Trumps Projects for 2013
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Want to know how much a home's value will increase for specific remodeling projects? The Cost vs. Value 2013 report, released by Remodeling magazine in cooperation with Realtor Magazine, shows a nationwide average cost for the job, resale value, and the percentage recouped. The report is based on a survey that culled the opinions of 3,900 brokers, appraisers and agents. If a home needs a new roof, the homeowner can see how much he might earn back (62.9 percent). Or, a homeowner can choose the most cost effective improvements rather than basing remodeling projects on what feels right.
Get 'Em At the First Glance
The report includes data for midrange and upscale improvements, and the top ranked projects focus on the home's exterior―it's the first thing the buyer sees and it leaves a lasting impression. Siding, windows, doors, roofing, and decks dominate the top ten lists. Windows make an appearance twice, giving you two choices, wood or vinyl, as do decks, wood or composite, on the midrange list. Siding appears twice in the upscale list: fiber cement is number one at 79.3 percent, and foam-backed vinyl is third at 71.8 percent.
The Best Values?
For the least expensive cost-efficient remodeling project, replace an entry door with a steel door (number one on the midrange list) and the cost recouped is 85.6 percent. This is based on a job cost of $1,137 and a resale value of $974. For upscale projects, second on the list is a garage door replacement, which goes 75.2 percent of the way toward cost recovery. New materials and styles make this project an ideal way to distinguish your home from its competition.
A homeowner skilled enough to provide some or all of the labor could realize an even higher cost recovery.
The Way to a Buyer's Heart
Kitchen remodels remain popular, but are typically expensive. However, a minor kitchen remodel takes the number four spot for midrange projects. With an estimated $18,527 spent and $13,977 in resale value, the homeowner recoups 75.4 percent.
The really good news for homeowners and the remodeling industry in this report? Percentages went up across the board for costs recouped compared to last year's report. View the entire report via the Remodeling magazine website, where regional data is also available.
www.remodeling.hw.net/2013/costvsvalue/national.aspx
