Whether you’re planning on staying in your home for many years to come or you are looking to put your house on the market in the near future, you want the biggest bang for your buck when it comes to your home improvements. Some home improvement projects are valued more highly than others and have a higher return on investment (ROI). To be sure your time, energy, and investment have the biggest impact, you’ll want to know which of these improvements have the highest ROIs.
Your return on investment (ROI) is how much money you will probably recoup whenever you decide to sell your home. An ROI is calculated using two numbers: the cost of your investment (your upgrade) and your investment’s gain (how much it increases your home’s selling price). If you invest $2,000 into a project and it increases your home’s selling price by $3,000, you have received an investment gain of $1,000 or 150% ROI. Unfortunately, that example is rarely a reality. The amount that we sink into renovations doesn’t always make your home more valuable and the amounts are not often fully recouped. Other factors include the quality of the project, how soon you sell after making improvements, your home’s value, the value of homes in your neighborhood, and the local housing market.
Remodeling Magazine’s 2018 Cost vs Value Report
If you hope to make some of your investment back in the future, it pays to know which home improvement projects have the highest ROI. Remodeling Magazine’s 2018 Cost vs Value Report compares average national costs of popular remodeling projects with the value those projects retain at resale. 3 of the trends included in the report have especially caught our eye here at SuperiorPRO:
- Steel Entry Door Replacement: (Job Cost: $1471, Resale Value: $1344) By removing an existing 3-0/6-8 entry door and jambs and replacing it with a “new 20-gauge steel unit, including clear dual-pane half-glass panel, jambs, and aluminum threshold with composite stop” you are able to recoup 91.3% of your costs.
- Siding Replacement: (Job Cost: $15,072, Resale Value: $11,554) By replacing 1,250 square feet of existing siding with new siding, including factory trim at all openings and corners, you are able to recoup 76.7% of your costs.
- Vinyl Window Replacement: (Job Cost: $15,955, Resale Value: $11,855) By replacing 10 existing 3-by-5-foot double-hung windows with insulated, low-E, simulated-divided-lite vinyl windows, you are able to recoup 74.3% of your costs.
If you are looking to have any of the above three projects done to your home—call SuperiorPRO, the #1 team in Atlanta to perform your home’s siding, window, painting, stucco, roofing, and gutter improvements. We can handle anything your home’s exterior needs and we have dozens of awards to prove it!