In many Central Florida homes, home improvement is a constant process. You may find that you’re always pursuing the next big project—whether it’s a bathroom upgrade, kitchen renovation or room conversion. Some projects will naturally result in a better ROI (return on investment) than others… but how can you be sure which ones?
Fortunately, your home remodel doesn’t have to be a guessing game. Remodeling, an online home improvement magazine, produced its 2015 Cost vs. Value report to show us which projects will earn us the best ROI, and which are not so lucrative. What’s great about the report is that it breaks down its data regionally, so we can compare our region’s numbers with the nation’s broader trends.
Today, we’re looking at the four projects with the best ROI for the South Atlantic region.
Midrange garage door replacement
Average cost: $1,517
Cost recouped: 91.6%
Replacing your current garage door for a newer one is a smart move any way you look at it—it improves the look of your home’s exterior and makes for better safety and security. So this high recoupment of 91.6% is just a bonus! (Incidentally, a more upscale garage door will usually earn you an 85% ROI.)
Manufactured stone veneer
Average cost: $7,076
Cost recouped: 93%
When you switch out your vinyl siding for manufactured stone veneer, you’ll recoup 93% of what you paid. Stone veneer on the exterior of your home is a great way to improve your curb appeal and make your home stand out from others on the block with traditional siding, which is why this project is such a lucrative one.
Siding replacement (fiber-cement)
Average cost: $12,866
Cost recouped: 93.8%
A worn down exterior can detract from your home’s curb appeal and selling price—but a new, updated one can be a dramatic improvement. When you update your home’s siding, you can expect to recoup almost 94% of your initial project cost.
Steel entry door replacement
Average cost: $1,166
Cost recouped: 112%
When you recoup the entire cost of your project and then some, you know you made a great decision! Steel doors are becoming a first choice for many newer homes (and old home remodels) because of their sleek design and fortitude—and in Florida, we know that impact resistance from big summer storms and hurricanes is key.
The key thing to remember about home improvement is to stick to your purpose. Are you renovating to better your home for your family and lifestyle? Or are you planning on selling soon and would like to take in top dollar? Both reasons are completely valid, but it’s important to remember them while pursuing big ticket projects.
Homeowners who are unfamiliar with the world of renovation and resell might be wondering: why spend on a project at all if it won’t earn you back more than what you spent? While this makes sense purely from a profit standpoint, profit is not always what these renovators are going for. They want to improve their home for their family and, when they’re ready to sell, want to be competitive with other homes in the neighborhood. Even if updated features may not always earn you 100% plus of your investment, they definitely can make your home stand out and sell faster… and that in itself is worth a lot!
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