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5 Best Home Improvement Projects For The Money

Thursday, March 28, 2019

Home Improvement Projects Worth The Investment

Homeowners who are thinking about remodeling should consider which home improvement projects offer the best return for the money spent. Most upgrades will typically not return 100% on the dollar spent. However, some remodels are better than others. Likewise, your local and regional costs may be different than the national averages.

Kitchen Remodel can pay off

The Right Kitchen Remodel Can Often Be Worth The Investment

Let’s Look At The Numbers

We have been planning a kitchen remodel and wanted to know how much we could recoup on our investment. So we did some digging and came up with the 5 best home improvement projects for the money, according to Remodeling News.*

National Averages:

Project
Cost
Value
Recoup%
Garage Door
Replacement
$3,611
$3,520
97.5%
Manufactured
Stone Veneer
$8,907
$8,449
94.9%
Minor Kitchen
Remodel
$22,507
$18,123
80.5%
Deck Addition
(Wood)
$13,333
$10,083
75.6%
Siding
Replacement
$16,036
$12,119
75.6%

We were surprised to see garage door replacement is at the top. This may be due to the low investment, which makes it a popular project. But it is also a critical aspect of curb appeal for resale. You should note that a “minor” kitchen remodel is up to $30,000 in cost. But it does return 80.5% of the investment on average.

If you step up to a “major” kitchen remodel – somewhere in the $60,000 range – the return is only 62.1%. So, keeping an eye on the bottom line is an important aspect of every project.

Pacific Regional Averages:

(Includes Hawaii and Alaska, which might skew the average costs.)

Project
Cost
Value
Recoup% 
Garage Door

Replacement
$3,785
$4,685
123.8%
Manufactured

Stone Veneer
$9,507
$10,499
110.4%
Deck Addition

(Wood)
$16,511
$14,491
87.8%
Minor Kitchen

Remodel
$24,950
$21,723
87.1%
Grand Entrance

(Fiberglass)
$9,568
$8,147
85.1%

In the Pacific region, a minor kitchen remodel returns almost 87.1% of your investment. Let’s take a look at our local area:

Portland Metro Area:

Project
Cost 
Value
Recoup%
Garage Door

Replacement
$3,626
$3,548
97.9%
Entry Door

Replacement
$1,851
$1,737
93.8%
Minor Kitchen

Remodel
$22,958
$20,290
88.4%
Siding

Replacement
$16,794
$14,424
85.9%
Manufactured

Stone Veneer
$8,809
$7,311
83.0%

In this area, kitchens still do pretty well in terms of return for investment. Plus, as the centerpiece of the home, it adds great appeal to prospective buyers.

In all areas, a Master Suite addition – with a National average cost of $271,470 – was the lowest return, ranging from 50.4% to 56.7%  So, that’s a project you’d want to consider very carefully, or plan to stay in your house a while!

Contact Us if you’d like more information about which home improvement projects are the best for the money.

*© 2019 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.

Filed under: Market Reports | News