Most home sellers recognize the value of freshening a home they want to sell with new paint, cleaned carpets, sparkling windows and all appliances and systems in working condition. But what about bigger ticket items like additions, remodels, etc.? Aside from the enjoyment an owner will get from a new and improved home, which projects are likely to return the greatest value to your effort.
According to the Remodeling 2015 Cost vs. Value Report (www.costvsvalue.com) the four home improvement projects for homeowners in the Tampa Bay area with the best rate of return on investment (ROI) are:
Bathroom Remodel (ROI = 99.9%)
According to the Cost vs. Value Report, a mid-range bathroom remodel will cost $15,244 and add $15,222 to the home’s resale value.
Project Details: Update an existing 5-by-7-foot bathroom. Replace all fixtures to include 30-by-60-inch porcelain-on-steel tub with 4-by-4-inch ceramic tile surround; new single-lever temperature and pressure-balanced shower control; standard white toilet; solid-surface vanity counter with integral sink; recessed medicine cabinet with light; ceramic tile floor; vinyl wallpaper.
Entry Door Replacement – Steel (ROI = 112.9%)
According to the Cost vs. Value Report, replacing the front door with a steel entry door will cost $1,167 and add $1,318 to the home’s resale value.
Project Details: Remove existing 3′-0″/6′-8″ entry door and jambs and replace with new 20-gauge steel unit, including clear dual-pane half-glass panel, jambs, and aluminum threshold with composite stop. Door is factory finished with same color both sides. Exterior brick-mold and 2.5-inch interior colonial or ranch casings in poplar or equal pre-finished to match door color. Replace existing lockset with new bored-lock in brass or antique-brass finish.
Roofing Replacement (ROI = 98.4%)
According to the Cost vs. Value Report, a roof replacement that costs $18,238 will add $17,950 to the home’s resale value.
Project Details: Remove existing roofing to bare wood sheathing and dispose of properly. Install 30 squares of 235-pound fiberglass asphalt shingles (min. 25-year warranty) with new felt underlayment, galvanized drip edge, and mill-finish aluminum flashing. Assume a 5-square hip roof; custom flashing at two average-size skylights; and custom cap treatment at vented ridge.
Stone Veneer Accent (ROI = 97.6%)
According to the Cost vs. Value Report, adding $7,075 worth of stone veneer accents to the facade of a home will add $6,903 to the home’s resale value.
Project Details: Remove a 300 square-foot continuous band of existing vinyl siding from the bottom third of the street-facing façade, beginning at the garage, continuing around the main entry, and ending at the corner of the side addition. Replace with adhered manufactured stone veneer, including 36 linear feet (LF) of sills, 40 LF of corners, and 1 address block. Installation includes 2 separate layers of water resistive barrier laid over bare sheathing, corrosion resistant lath and fasteners, and nominal 1/2-inch-thick mortar scratch coat and setting bed. Outline the archway using an 8×10-inch keystone and a soldier course of flats on either side.
© 2015 Hanley Wood, LLC. Complete data from the Remodeling 2015 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. Hanley Wood is the premier company serving the information, media and marketing needs of the residential, commercial design and construction industry and is a hub of business intelligence and data-driven insights.