Sometimes, your home is one of the largest investments in your ‘portfolio’. Whether you are looking to stay in your home for a while or are considering selling soon, it’s important to pay attention to which remodeling projects will help you add the most resale value to your home.
According to the Remodeling 2016 Cost vs. Value Report as compiled by www.costvsvalue.com for the Denver area, these are the midrange projects shown to be the best bets when remodeling.
1. Manufactured Stone Veneer
Job Cost: $7,511
Resale Value: $7,504
Cost Recouped: 99.9%
2. Attic Insulation (fiberglass)
Job Cost: $1,272
Resale Value: $1,112
Cost Recouped: 87.4%
3. Minor Kitchen Remodel
Job Cost: $19,744
Resale Value: $17,180
Cost Recouped: 87.0%
4. Garage Door Replacement
Job Cost: $1,607
Resale Value: $1,316
Cost Recouped: 81.9%
5. Family Room Addition
Job Cost: $84,969
Resale Value: $69,361
Cost Recouped: 81.6%
The complete 2016 Cost vs. Value Report can be downloaded free at www.costvsvalue.com
Before making any remodeling decisions, it can be a good idea to talk to your ‘team of advisors’ including a trusted real estate agent and your financial planner. Your real estate agent may know what type of finishes are selling best in your neighborhood and your financial planner can help develop a plan to pay for the remodel.
