One of my favorite things to review is the annual Remodeling Magazine Cost Versus Value Report which comes out at the end of January. This report compares home renovation projects by assessing their cost and their value in terms of resale if and when a house is put on the market. I always find this information to be extremely valuable and I love sharing it for two reasons: it gives my readers an idea about which remodeling projects will actually pay off in the long run and it also uncovers some less glamorous projects that can fetch bigger dollars on a home sale. One of the things I love about this report is that it gives remodelers and owners a glimpse at national trends, but it also breaks it right down on a local level. So let’s jump into the projects that are paying off right here in Hartford County.
Topping the list for 2019 is garage door replacement which, at an average cost of $3,717, will net you an average 99.9% back upon the resale of your home. Garage door replacement actually took the top spot locally, regionally, and nationally for the first time. It also just so happens to be one of the cheapest home remodeling jobs you can do.
Another big category was outdoor improvements with both deck additions and stone veneer upgrades recouping three-quarters of their costs. Here in Hartford County, a wood deck addition netted a homeowner 78% of its cost on an average $14,000 project and stone veneer came in at 73% cost recouped on a project under $10,000. My take on this is that people value both curb appeal and outdoor liveability, and smaller projects that make a house look like the best on the block can mean a major payoff in the long run.
Rounding out the rest on the top of the list in Hartford were minor kitchen remodels, midrange bathroom remodels, and siding and window replacements which all scored well above 50% in terms of their cost versus resale value. Again, investing in these types of projects which both beautify and modernize the home are smart spending and projects such as window upgrades are also both practical and cost-effective since they offer major bonus points in the energy efficiency department.
But what about the projects that don’t deliver as much value? At the bottom of the list were additions with a new luxury master suite netting only 45% of the costs outlaid and a bathroom addition only earning 47% on resale. My take on this? Bedrooms and bathrooms are highly personal and for these higher priced remodeling jobs, it’s tough to get someone to want to pay a premium for a costly job that might be unique to your family. If a bathroom or bedroom addition is in your future, try to tackle it with a flexible plan in mind and know that if a real estate transaction is in your future, a new family might not be as keen on a French bidet and walk-in dressing room as you are.
If you’re interested in the full report, you can access it here. Happy remodeling!
Bob O'Donnell is the owner of O'Donnell Bros, Inc., a Bristol-based home improvement company established in 1975. Email your questions for Bob to firstname.lastname@example.org with the subject line “Ask the Pro”. All questions may be considered for publication. To contact Bob for your remodeling needs, call O'Donnell Bros, Inc. at (860) 589-5155 or visit www.odonnellbros.com. Advice is for guidance only.