Who doesn't love a good renovation project, I know that money put into a reno isn’t a 1:1 investment in your home’s future price tag. Every year, researchers and realtors study the most popular home improvement projects, polling contractors and realtors to find out which renovations produce the greatest impact on a home’s market value.
According to this year’s report shows that, homeowners can, on average, get back 64 percent of the money they put into a renovation. That's not to bad....
But which projects have the best return on investment?
The clear winner was installing fiberglass insulation in the attic. Not the new kitchen or man den that makes friends and family say WOW but with a job cost of roughly $1,343 and an ROI of 107.7 percent, adding attic insulation isn’t the most glamorous upgrade, but a no-brainer if you want to make improvements that will recoup their own cost. Other projects with a high ROI include replacing the entry door with a new steel model (90.7 percent ROI) and installing manufactured stone veneer (89.4 percent ROI).
As it turns out, more impressive renos tend to have much lower returns. That's why North Shore Contractor Management is truly the best place to start when thinking about any construction, renovation or even questions to ask.
A bathroom addition will recoup just 53.9 percent of the money put into it, and the addition of a master suite has an ROI of 64.8 percent. These are important construction figures and facts.
With value engineering and some smart construction decisions the money return can be a 1:1 ratio which is what every homeowner dreams of when doing work with the thought of reselling in the near or distant future.
The most return on your money is starting with NSCM for all your Long Island Construction and Renovation needs.
Don't go into a project alone, be advised before making decisions and please call me 631-838-4362 or email us at info@northshorecontractormanagement.com