Real Estate - Did you know? Aug.31

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Published on Wednesday, September 5, 2018

Metro Creative Connection

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Of the 29 projects it studied for its 2017 “Cost vs. Value Report,” Remodeling magazine found that the average payback in resale value was 64.3 cents.

The lone project in the 2017 report to return a higher value than its cost was the installation of loose-fill insulation in an attic, which provided a return of 107.7 percent. Homeowners who replaced an existing entry door with a 20-gauge steel unit recouped 90.7 percent of their investment at resale, placing that project second on the list. What helps homeowners who finance such projects recoup their associated costs is the relatively low sticker price of the projects, which both rank among the five least expensive projects examined in the 2017 report. But a recovering real estate market has helped homeowners recoup more of their investments on some expensive projects as well. For example, the 2017 report saw the biggest year-over-year percentage increases in value on expensive projects like upscale bathroom remodels, upscale master suites, two-story additions, grand entrance installations, and family room additions. The increase in value on those projects ranged from 5.6 percent to 7.4 percent from a year earlier.