Tuesday, June 2, 2015

Which home renovations are worth the investment?

Planning on renovating your home and want to make sure you get the biggest bang for your buck? New data can help you decide wisely.

Which home renovations are worth the investment?

An attic bedroom is one of the most cost effective additions in the Philadelphia region, according to the Remodeling 2014 Cost vs. Value Report.
An attic bedroom is one of the most cost effective additions in the Philadelphia region, according to the Remodeling 2014 Cost vs. Value Report. iStockphoto

Planning on renovating your home and want to make sure you get the biggest bang for your buck? New data can help you decide wisely.

Remodeling Magazine compared the effect of 35 remodeling projects on the resale value of homes in more than 100 U.S. cities and compared the increase to the cost of the project. Projects include everything from a kitchen remodel to a window replacement.

In the Philadelphia region, you would get the most out of your money by doing a siding replacement with fiber cement, an attic bedroom, and a wood deck addition, according to the magazine’s 2014 Cost vs. Value Report.

The siding replacement with fiber cement, which was the most cost effective in Philly, has an average cost of $15,960, and you would get 72.9 percent of the cost recouped, as compiled in the report.

Other renovations, such as a home office remodel, sunroom addition and master suite addition, would be more costly. The report found that you’d only get 44 percent of the cost recouped from a master suite addition worth $252,529.

Nationally, a steel entry door replacement would be the most financially beneficial. The report found that 96.6 percent of the $1,162 door would be recouped.

None of the surveyed additions in the 2014 report recouped the entire cost.

Click to view full report >

 

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Lauren Mennen Philly.com