Are you addicted to watching Fixer Upper and other home remodeling shows? If so, you are not alone. Last year, HGTV was the third most-watched cable network and its ratings for renovation programs were up double digits. Homeowners also spent a record $361 billion on home improvements and that number is expected to rise again in 2017. If you expect to be among those who will shell out an anticipated $6,148 per project, do your homework. Not all renovation projects are equal when it comes to adding value to your home.
For those living in the Jacksonville, Florida area, I have put together a quick list of the top remodeling projects worth the investment, as compiled in the Remodeling 2017 Cost vs. Value Report (www.costvsvalua.com).
Okay, this may not sound like a fun or sexy remodeling project, but it pays off in more than a few ways. First, the average cost of upgrading your attic insulation to fiberglass and bringing it up to a R-30 value is typically around $1,300, but it should increase the value of your home by over $2100. That’s a 169 percent recoup on your cost! Secondly, your likely to see savings in your heating and cooling costs, as well. It’s a total win-win project.
Minor Kitchen Remodel
If you ask most Realtors®, they will tell you that the kitchen is one of the biggest, if not the top, selling points of your home. Therefore, it makes sense that many homeowners spend a pretty penny upgrading this area in their homes. Unfortunately, spending more doesn’t necessarily lead to bigger returns. In fact, it’s the minor kitchen remodels that get the biggest bang for the buck. If you spend around $19,000 to upgrade your kitchen appliances, countertops and cabinets, you can expect to recoup around 80 percent of your investment. A major renovation ($50K+), however, only comes in around 63 percent.
New siding not only increases your home’s curb appeal, but it can also increase energy efficiency, provide extra protection from the harsh Florida elements and reduce your yearly maintenance costs. On average, you can expect to recover a little over 80 percent of your investment with this type of remodeling project.
Manufactured Stone Veneer
It’s truly impressive how an exterior cosmetic upgrade can transform the look of your home and increase its resale value. And with today’s manufactured stone veneer options, it’s easy and affordable too. By replacing the lower third of your home’s street-facing façade with faux stone, which typically runs around $8,000 (depending on your home’s size), you can effectively increase your home’s value by more than $6,200. That’s a 79 percent return on investment.
Of all the home remodeling projects on our list, this one is the most expensive (around $165,000) and the most time consuming, but it does pay off. By adding a two-story addition to your existing home, you’ll not only increase the living space, but also your home’s value by more than $117,000. Overall, you’ll recover about 71 percent of your investment.
Of course, it’s important to remember that with any remodeling project it pays to consult the experts first. Far too many people have damaged their homes or wasted time (and money) trying to do it themselves. Life is not like TV; your project will not be completed in 60 minutes and there may be hidden surprises you’re not prepared to handle. If you’re in the Northeast Florida area, contact Kelly Perkins Real Estate for help with any upcoming home renovations or remodeling projects. We have the knowledge and experience needed to get the job done right the first time.
About Kelly Perkins
Kelly lives in Northeast Florida and owns Kelly Perkins Real Estate. She has extensive experience in interior design and home renovation. As a Realtor®, she has helped many people make their dream of owning a piece of Florida paradise a reality.