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Home Renovations

Home Renovations with the Best Returns – 2019

Home Renovations!

One thing Roger and I love about living in this part of Oakland County is how good it feels to come home.

The entrances to neighborhoods are always beautiful, homes are neat and tidy, lawns are green with loads of flowers, and it seems everyone is working on some project to increase the value of their home.

Quite often, we are called in to consult with people on which updates bring the most value. Unless you’re living in brand new construction, there are usually several things begging for our attention making it hard to decide which improvement will bring the most money.

The list below is compiled from one of our real estate resources and it is great information specific to Metro Detroit.

If you’re considering a kitchen or bath project, it’s worth noting that there are various levels of remodeling, so it’s tricky. On the Cost vs. Value report, there is a higher yield on both kitchen and bath remodel projects in a “mid-range” grade of finishes rather than an “upscale” remodel, so better is not always more.

We are happy to provide more details as to the difference between midrange and upscale if needed, just shoot us an email as we are limited by space here.

Here is the list in order of popularity of the project, not return on your investment. Some of the results might surprise you.                                  

Bathroom Remodel (Midrange/Upscale)

54.5% / 45.4%

Major Kitchen Remodel (Midrange/Upscale)

48.3% / 46.5%

Deck Addition (Composite/Wood)

60.3% / 64.9%

Backyard Patio

41.2%

Entry Door Replacement-Steel

70.2%

Garage Door Replacement

72.5%

Window Replacement (Vinyl/Wood)

61.9% / 64.1%

Siding Replacement

63.8%

Roof Replacement – Asphalt Shingle

57.2%

Here in Metro Detroit, the top five returns are:

100%   – A professional quality paint job in a desirable color is always a good yield.

72.5%  – Garage door replacement. Year after year, this is number one. 72.5%

70.2%  – Steel entry door replacement, followed by fiberglass.

61.9%  – Vinyl window replacement, followed by wood.

63.8%  –  Siding replacement.

 

Other than interior paint, it’s surprising to me that the best returns are exterior investments. The thing is, we live inside our house. There is a quality of life and enjoyment factor to the interior investments we make that can’t be measured in dollars. Just food for thought.

 

*If you are considering exterior investments, make sure to contact your HOA for guidelines before investing any money.

 

For your own Free Cost vs Value report, go to https://theintegrityteam.lpages.co/cost-vs-value-report-2019/

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