Remodeling Magazine 2014 ROI (Cost vs. Value) Report Breakdown:
What remodeling projects are worth the money to do?
For years, Remodeling Magazine’s annual Cost vs. Value Report has provided a frame of reference on the fiscal relationship between what it costs and what you’ll get back on 35 remodeling projects homeowners undertake each year.
This year’s report for 2014 shows some exciting trends for Remodelers and Homeowners. First and foremost, “ For the second consecutive year, Cost vs. Value data show that the value of remodeling is up for all 35 projects included in the survey.” (Remodeling Magazine Cost vs. Value Report TRENDS)
So the industry as a whole, the real estate industry, and the economy in general are on a consistent uptick. Numbers like these represent growth in employment, growth in buying patterns, and growth in consumer spending, which all sound good to this Home Remodeler.
Secondly, relatively in-expensive projects can add big time ROI for homeowners not looking to foot a huge bill or take out a second mortgage to spruce up the house.
The number one ranked project was FRONT DOOR REPLACEMENT with an insulated steel door. The front door upgrade adds a lot to the curb appeal of the home and costs little in comparison to other remodeling projects. Homeowners and prospective buyers always notice the front door, so the dramatic change from an original wood clunker with chipped panels and single pane glass to the fresh, new, colorful, energy efficient door does adds significant value in relationship to the minimal cost.
Check out some great energy efficient door options
Similarly, mid range and upscale GARAGE DOOR REPLACEMENT, which rank 5th and 6th respectively, piggy back off of the same idea: lower initial cost, dramatic visual change, and increased perceived value of the home.
Replacement of siding was also a winner this year, as in years past. All three siding projects: Vinyl, Foam Backed Vinyl, and Fiber Cement ranked among the top of more expensive undertakings.
From jobs in the $5,000-$25,000 range, all three siding projects, as well as 6 other “replacement” projects (which entail the removal of existing and replacement as opposed to the demolition of existing and completely remodeling: bathrooms, kitchen, addition) cracked the top 15 projects.
Which brings in the Number 2 ranked project: Replacement of Siding (Fiber Cement).
The number one “Upscale” project across the US, Fiber Cement siding replacement continues to grow in popularity and value. For almost 10 years, replacing the Fiber Cement has been number one in this category and either number one or number two overall. The most beautiful and most long lasting face lift homeowners can do to a home, the exterior clad, makes the biggest impact on overall value and curb appeal.
Fiber Cement (also known as James Hardie or HardiePlank) is also trending upward and will be an attractive project for homeowners not looking to sell immediately. Fiber Cement siding is paintable, which allows prospective buyers to change the color of their house without residing. Fiber Cement is durable and will last as long, or longer than all other options with much less maintenance than wood and much more aesthetic quality than vinyl.
In areas like Florham Park, NJ or Short Hills, NJ, homeowners rebuilding custom homes in our area have chosen fiber cement almost every time. This is due to the relative cost and value demonstrated in the article, and endorsed by the choice of Architect after Architect to use this exciting product.
So check out the rankings and prioritize your project list to help maximize the value in your biggest investment, your home.