Last year I wrote this blog and I’ve decided to do it every year. It’s a way to add value to the homeowner and most folks I know are tinkering with some home project, for one reason or another. The report, Key Trends in the 2017 Cost vs. Value Report is a good resource, targeted per region in the US. It comes out every year.
It’s actually the 30th year anniversary of the report. The report’s goal is to give homeowners objective reporting on how much it costs for a professional (not DIY) to complete a project and then how much real estate professionals believe the project will increase a home’s value if it is sold within a year of project completion. The report calculates bang for your buck by dividing the project’s value into its cost.
This year’s highlights:
- The report seems to highlight the importance of more subtle improvements than more grandiose, “colorful” changes to the home
- Things are remaining steady from 2016- the average cost of 24 projects rose 3% and the value that the realtors assessed to the projects went up 4.2%- minor changes but still on the up and up.
- Curb appeal still rules- the report notes, “changes to doors, windows and siding by and large generated higher returns on investment than work done inside the home.” Also, replacing items had more ROI than remodels. This of course, depends on the overall condition of the home.
So, what are the projects with the worst returns? What are your bang for your buck projects? Read here for general trends- then get more specific in the drop down menu with region—Mountain—Denver.