Should you re-do the kitchen? How much more will the house be worth when you finish the basement? Which renovation projects give you the best return on investment (ROI)? I hear these questions all the time. Every year Remodeling Magazine publishes a Cost vs Value report. It describes how much payback you will get on each remodel project that you complete.
If you are budget conscious, and are looking to spend renovation dollars, choose wisely. Very few projects will see dollar for dollar back after the sale. Some projects are more valuable for resale than others. Hire license professionals and vet them carefully. Forget the numbers you've seen on television. These are the real numbers for the New York area and they are changing. Which projects give you back the best bang for your buck? Here they are.
In New York, the top five projects with the greatest ROI in the report are:
1. Garage Door (106.3% ROI)
Average Cost: $3,791
Average Resale Value: $4,031
2. Manufactured Stone Veneer (89.8% ROI)
Average Cost: $9,589
Average Resale Value: $8,607
3. Siding Replacement Fiber-Cement (85.5% ROI)
Average Cost: $17,497
Average Resale Value: $14,966
4. Minor Kitchen Remodel – Midrange (79.7% ROI)
Average Cost: $24,049
Average Resale Value: $19,178
5. Deck Addition - Wood (77.4% ROI)
Average Cost: $14,491
Average Resale Value: $11,222
5. Bath Addition - Midrange (51.0%)