Which home improvements add the most to your home's value?

Based on the 2010-2011 Remodeling Cost vs. Value Report, exterior replacement projects were among the most cost effectivehome improvements projects.  This just shows that curb appeal is still one of the most important aspects of valuing a home at resale time.  Exactly how much each home improvement project will yield towards the value of your home is determined by region so it’s wise to check with your local Realtor to determine whether a particular project will yield the results that you are expecting.  Obviously, the addition of hurricane roll down screens will not add much value to a home in Denver, Colorado whereas it will in Cape Coral, Florida.

Actually, 9 out of the 10 most effective projects nationally when you consider value recouped are exterior replacement projects.  For example, steel entry door replacement remained the project that had the biggest return on your dollar spent with an estimated 102.1% of the cost recouped upon resale of the home.  Furthermore, it is the only exterior project that is expected to return more than the cost to purchase and install the item.

Replacement of a midrange garage door is estimated to recoup about 83.9%.  In the hurricane regions of Florida, a garage door replacement has to meet local hurricane codes.  You can get garage doors in all types of styles, colors and designs and depending on the style of your house, changing out the garage door with an upscale design could recoup more than 83.9% of the cost.

Measuring exterior projects for 35 midrange and upscale projects including home additions, remodels and replacements in 80 markets all across the US, it is estimated that homeowners will recoup an average of 60% of their investment.  This figure is down from the previous estimate of 63.8%.  Because of our overall weak economy, the value of higher cost upscale improvement projects have lost resale value in recent years.

Here is a list of some projects and their estimated cost recoupment percentage.

• Various types of siding and window replacements – 70% of costs
• Upscale fiber-cement siding replacement – 80% of costs
• Upscale Vinyl window replacements – 72.6% of costs
• A Wood deck addition along with a minor kitchen remodel – 72.8% of costs

When you look at the nation as a whole, researchers found that a few states including Florida consistently returned a higher percentage of remodeling costs upon resale.  This might be due in part to our hot summers and possibility of mold and extensive hurricane damage.

There are many factors to consider when determining cost recoupment of these types of projects namely the home’s overall condition, availability and condition of surrounding properties, location and regional economic climate.  This is why it is imperative that you work with a licensed Realtor who can provide the insight and guidance into your local market so that you get the best bang for your buck.

For everything Cape Coral Real Estate, visit my websites at www.livingincapecoralnow.comand www.dancraddock.com.  Contact me at 239-210-1356 and email d_craddock@yahoo.com

Dan Craddock

Realtor

Zivkovic & Associates Real Estate Services, LLC

Cape Coral, Florida 33991