Florida Realtors®: Which Home Improvements Are Best Value?

Florida Realtors®: Which Home Improvements Are Best Value?

ORLANDO, Fla. — Before tackling a home improvement project, Florida Realtors® recommends that a homeowner do a little research first. For example, if a home improvement project costs $1,000, how much money will the homeowner get back if he sells the home – what is the return on investment (ROI)? In 2017, only attic insulation recoups more than its cost.

Remodeling magazine’s 2017 Cost vs. Value Report looked at 99 U.S. markets and compared the average cost of 29 remodeling projects to their average resale value one year later. Overall, every dollar spent on remodeling returns 64.3 cents at the time of sale, but the ROI varies greatly depending on the project.

Year-to-year, the cost of remodeling projects rose 3 percent; however, the value of those projects at the time of sale rose 4.2 percent

Top projects for a high return on investment

Midrange cost category

  • Attic insulation (fiberglass) (107.7% ROI)
  • Entry door replacement (steel) (90.7% ROI)
  • Manufactured stone veneer (89.4% ROI)
  • Minor kitchen remodel (80.2% ROI)
  • Garage door replacement (76.9% ROI)

Upscale cost category

  • Garage door replacement (85.0% ROI)
  • Entry door replacement (fiberglass) (77.8% ROI)
  • Window replacement (vinyl) (73.9% ROI)
  • Window replacement (wood) (73.0% ROI)
  • Grand entrance (fiberglass) (70.1% ROI)

Projects with the lowest return on investment

Midrange cost category

  • Bathroom remodel (64.8% ROI)
  • Master suite addition (64.8% ROI)
  • Backyard patio (54.9% ROI)
  • Backup power generator (54.0% ROI)
  • Bathroom addition (53.9% ROI)

Upscale cost category

  • Major kitchen remodel (61.9% ROI)
  • Master suite addition (59.9% ROI)
  • Bathroom remodel (59.1% ROI)
  • Bathroom addition (57.1% ROI)
  • Deck addition (composite) (56.4% ROI)

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

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