New Report Helps Guide Home Renovation Projects
If your goal is to make home improvements that will likely yield the highest return on your investment when the home is sold, would you remodel a bathroom or replace your attic’s insulation? According to the remodeling 2017 Cost vs. Value Report (www.costvsvalue.com), in the San Francisco Bay Area Region (East Bay included), Installation of a manufactured stone veneer recoups 191.5% of the job cost while a bathroom addition returns only 83%. Another interesting item was a $66,847 backyard patio project returns only 88% ($58,847) while a $1,469 attic insulation replacement saw a 179.4% ROI.
One of the most common topics of conversation I have with people centers on the return on investment (ROI) of home improvement projects. Most of the time, budgets are limited and people need help in prioritizing their projects.
Part of the prioritization process is considering the emotional elements of the decision. For some people, getting their dream patio is well worth the investment even though the monetary return is only 88%. Likewise, a newly built bathroom can be more emotionally satisfying than better insulation in the attic.
Generally, what I've seen is people choose their remodeling projects primarily on emotional elements when the sale for the home is in the distant future. As the possibility of the home’s sale increases, the financial considerations become a bigger factor in the decision making process.
The Remodeling 2017 Cost vs. Value Report is especially useful for people who are looking to optimize their financial ROI, without the emotional elements that are involved. Homeowners who might sell their home within the next few years, or even 5-7 years, are perfect for this report.
Making strategic investments in projects that statistically yield the largest ROI can optimize the value and selling price of the home.
Here is the link to the website if you want to try it out yourself or click the report below for Alameda County.