The Residential Remodeling Index (RRI) predicts 2015 will be a year for steady growth in residential remodeling. This index uses both employment rate and economic indicators to project if consumers will be investing extra cash into their homes.
If a remodeling project is in your near future and ROI is a key factor, choose wisely. The remodeling industry has suffered ups and downs and many upscale, dreamy remodels have left homeowners disappointed in ROI. That being said, if an extra family room addition would give you a lifestyle you enjoy, it might be the right choice for you. We just want to give you the numbers so it makes the most financial sense as well.
We took a look at Remodeling’s Cash vs. Value Report for Kansas City, MO and researched which projects will get you the most when it comes to resale value. Here’s our top 5, complete with Kansas City’s average project cost and ROI.
Outdoor Living Space
Decks have suffered in recent past as remodeling dollars were harder to come by after the recession. As things steadily begin to shift upward decks are becoming a popular project once again.
With the outdoor living space trend on the rise, adding a deck is becoming a popular investment, also good to know, it’s well worth it from a ROI standpoint. What’s even more interesting, opposite to national average ROI, Composite Decks beat out Wood Decks by more than 7%. We could contribute the switch to harsh winter weather wear and tear. Also, the composite deck’s low-maintenance qualities scores high on homeowners wants and needs according to a survey from the American Institute of Architects.
Whether it’s in the form of a composite deck, wood deck or patio, expanding living space is no longer limited to the confines of walls. The outdoor living space trend is projected to become a staple for buyers in the future.
The Heart of the Home
We know it’s easy to get wrapped up in beautiful and extravagant kitchen remodeling projects but a minor remodel is your best bet if you want to see a decent ROI. What does a minor kitchen remodel look like? Remodeling Magazine says, replacing the cabinet fronts, installing new hardware, upgrading to energy-efficient appliances and replacing countertops, sink and backsplash with mid-range options. Also it always helps to pay attention to the details, like trim color and wall coverings. A fresh coat of paint goes a long way.
Look to the Windows
According to AIA survey, energy-efficiency is a top concern for many when purchasing or remodeling a home. Replacing old wood windows with new, cost-effective and energy-saving vinyl windows will add exponential value to your home. Not only will new windows create curb appeal and add to interior aesthetics, it will also save you heating and cooling costs, which is a reasonable concern living in the Midwest.
Make Curb Appeal Work for You
If you want the absolute best return on your investment, with a minimal budget, the #1 recommendation would be to replace your front door with a steel door that reflects the personality of your home. With a minimal investment of $1,285, on average, not only are you adding curb appeal (great for resale), you’ll also cut down on energy loss, and provide years of nearly maintenance-free value.
Another great remodeling upgrade with high ROI in Kansas City, garage door replacement. With a similar price point to front door replacement, a garage door can completely change the look and feel of your home. They’re also incredibly durable and can incorporate details that would give any home instant charm.
If you’ve been putting off remodeling projects due to fear of low ROI or a low budget, 2015 is the year to act. Now you’ve seen how even the lowest of budgets can still add value to your home. For more information on Remodeling’s complete list of projects, download the Cost vs. Value Report to evaluate your future remodeling decisions. Tackling that home improvement project? Share your journey with CTC and post your pictures to social media using the hashtag #GetYourROI.