If you’re updating your home with the aim of adding to its value, tread carefully. Some improvements boost value more than others, and in most cases, a project costs more than it adds in value.
According to Remodeling magazine’s 2014 Cost vs. Value report, the average portion of cost recouped is 66.1 percent. Of course, what buyers will think of—and might pay for—an upgrade is less of a hurdle if you plan to enjoy your fancy new kitchen or master bath for years to come.
How much you can expect to spend varies not just by project, but also where you live. Location will have an impact on materials, labor costs and trends.
Here are just a few renovation projects and their rate of return:
Job Cost Resale Value Cost Recouped
|Entry door replacement (steel)||$1,365||$1,152||84.40%|
|Minor kitchen remodel||$19,693||$15,303||77.70%|
|Window replacement (vinyl)||$14,875||$11,578||77.80%|
|Major kitchen remodel||$58,865||$40,523||68.80%|
|Backup power generator||$12,860||$6,940||54.00%|
|Garage Door Replacement||$1,749||$1,345||76.90%|