Cost for Remodeling Rises but Home Values May Not
A remodeling project can be a costly one, but homeowners often do it for the benefit of adding value to their home. Value seems to be declining however--the Remodeling 2015 Cost vs. Value Report found that the cost-value ratio for projects fell 3.9 points from 2014.
There are several factors that go into determining whether or not a remodeling project will add value to a home, including the type of project and where the home is located. Midrange remodeling projects that have the highest returns on investment include a steel entry door replacement (101.8 percent), manufactured stone veneer (92.2 percent), garage door replacement (88.4 percent), vinyl siding replacement (80.7 percent), and a wooden deck addition (80.5 percent). Cities where homeowners can get a high return on investment are San Francisco (100.3 percent), Honolulu (94.6 percent), and San jose (87.1 percent.)