Any time you are considering remodeling a portion of your home, it is important to consider the Return on Investment (ROI). If you plan on staying in the home forever, your main concern may be what you like the most or what can produce more comfort for you, however if you have any plans to sell, this is a great thing to consider. Here are 5 popular projects and their ROI. This data is from Remodeling Magazine’s "2018 Cost vs.Value Report".
This is one of the cheaper projects you can do that produces great reward! Not only will you have a better insulated home for those cold, Montana winters (allowing for a lower energy bill), but you will also receive a 74.3% return on investment if it is a vinyl window and a 69.5% ROI if it is wood. The national average for replacing a home’s windows is $5,023.
Another fairly inexpensive project that can make a massive difference is removing your entry door and putting in an upscale 12-36-12 fiberglass entrance door with dual sidelights. This, along with replacing the trim, averages just $2,500 and
can yield a 67.6% ROI.
After the kitchen, a bathroom remodel is one of the most common projects. Who doesn’t want a beautiful soaker tub to sit in after a cold run in the mountains? On average to replace all your fixtures, update a 5-by-7-foot bathroom with ceramic tile floor, and have a vanity counter installed with integral sink will cost you $9,601. The ROI for this remodel is 70.1%.
Want to add another bathroom to your home? A full 6-by-8-foot bathroom over a crawlspace will involve not only pouring concrete walls and adding tile, but also getting all the electrical wiring done to code. This will not be a cheap project (coming in around $42,064) and doesn’t have the best ROI (59.9%), but if you are planning on growing your family in that home, it may be very worth it.
Replacing the Roof
Want to install new fiberglass asphalt shingles on your roof? You will need to remove the current roof (and dispose of it properly), lay a new underlayment, add a drip edge, and put on the finish. This project will cost around $7,206 and give you a 68.4% return on investment.
What do you think? Is it worth it?