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Thinking about remodeling your home this spring? Before you start dreaming of a happy new-looking home, know that some renovation projects pay off more than others.
In fact, a rise in the costs of building materials and labor is making it more difficult to recoup your costs when remodeling your home, according to findings in Remodeling magazine’s latest annual Cost vs. Value Report.
The report notes that new tariffs that have roiled commodities markets over the past year are likely contributing to the rise in materials costs.
Still, some remodeling projects continue to allow you to recoup most of your costs. The key is to select projects that improve the exterior of your home.
As Remodeling magazine notes:
“Nine out of the top ten high-return projects are exterior replacement — or high curb appeal — projects.”
This year’s top 10 projects — ranked by the percentage of the project cost that is recouped when a home is sold — are:
- Garage door replacement: Project retains 97.5 percent of its value at resale, on average
- Replacement of vinyl siding with manufactured stone veneer: 94.9 percent
- Mid-range minor kitchen remodel: 80.5 percent
- Wood deck addition: 75.6 percent
- Replacement of existing siding with new siding: 75.6 percent
- Steel entry door replacement: 74.9 percent
- Vinyl window replacement: 73.4 percent
- Fiberglass grand entrance: 71.9 percent
- Wood window replacement: 70.8 percent
- Composite deck addition: 69.1 percent
How to cut your remodeling costs
The cost of remodeling projects may be rising, but you can fight back by taking steps to trim the tab. As we have noted, there are plenty of ways to save when planning a renovation.
For instance, stop by a Habitat for Humanity ReStore when shopping for materials. As we explain in “11 Ways to Nail Savings on Your Remodeling Project“:
“Habitat for Humanity’s hundreds of ReStores sell new and gently used furniture, home accessories, building materials and appliances at a fraction of their retail prices. Donations to locally operated ReStores are sold to the public, and proceeds go toward building homes, rather than trying to fit donated items into homes that volunteers build.”
And if you’re looking for a contractor to complete that remodeling project, check out “Ready to Remodel? How to Hire a Contractor You Can Trust.”
Are you planning a home remodel in 2019? Tell us about your project in comments below or on our Facebook page.