These home remodeling projects represent the best return on investment for local Charlotte homeowners this year.
If your family has considered a home remodeling project but wondered whether undertaking the project would provide the best return of investment, there’s a new guide that can help you decide. Remodeling magazine recently released its new Cost vs. Value Report for 2017*. The report, which looks at the average cost and return of 29 typical remodeling projects in 99 markets across the country, is considered by professionals to be a solid indicator of remodeling value.
Of course, as we always tell our clients, the true value of a home remodeling project cannot be measured exclusively in dollars and cents. You should always consider the lifestyle that you will have as a result of a remodeling project. For example, you may never be able to put a dollar value on how creating an accessible main-level master suite allows your parents to remain in their own home longer. Likewise, a home addition may give your family the space you need to remain in a house you love, near the schools your children attend, and preserve your short commute to work. (That’s a huge lifestyle enhancer in Charlotte traffic!)
Yet there are some things that we can put tangible dollars behind, and those are the factors that this annual report examines. Among the key findings of the 2017 Cost vs. Value Report are that now is a great time to remodel. As home sales pick up and the economy improves, consumer demand for remodeling projects is increasing. As a result, one can assume that the level of modernization buyers expect when they are looking to purchase an existing home is also increasing – something to keep in mind if you are considering a move in the near future.
So which projects represent the best value for local homeowners this year? In Charlotte, a kitchen renovation results in an astounding average 96.9% return while an upscale remodel of a universally designed bathroom comes in close behind at 87.9%, according to the report. Some of “smaller” home renovation projects yield a major return, with fiberglass attic insulation returning a surprising 145.9% on your initial investment and adding manufactured stone veneer returning 103.6%.
If you want more details on the average return of the project you are considering, complete data from the Remodeling the 2017 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. One thing to bear in mind when looking at the report is to read through each description and make certain that the project you are looking at is close to the one you are considering. (For example, midrange bathroom remodeling costs are based on a 5’ by 7’ space, which may be smaller than the space you have, while a midrange kitchen remodel features finishes like laminate countertops and vinyl flooring, which aren’t commonly done in our market.)
Finally, bear in mind those intangible factors like how long you plan to remain in your home and how urgently your family requires the change you are considering. Then go ahead and take the plunge – the results will be well worth it!
*© 2017 Hanley Wood Media Inc.