Home improvements come in different forms and for different reasons, but you’ll always end up with a more attractive, cozy, or efficient home. As it stands, there seems to a slight gain in remodeling projects’ payback at resale according to the 2016 Cost vs. Value report.
How will this affect your planned home projects for the year? Premier Remodeling & Design, LLC, the top experts in siding in Baltimore, MD share their key takeaways:
Average Cost and Return at Resale
The stats for the 30 projects in the report show that an average of 64.4% of a project’s investment dollars is recoupable if the house gets on the markets within a year. This represents the second-highest return in the past eight years, and a 2.4% increase from the 2015 report.
Upscale projects like kitchen remodels and fiberglass door replacements were among the projects with the biggest percentage gains. If you are looking to remodel this year, these projects may be a great place to start.
Energy efficiency is always a value booster, but this time, insulation and engineered siding projects seem to lead the pack in this regard. This is quite surprising since these projects are newcomers this year. As such, no comparison with the 2015 report is available, but this information may make you want to reconsider your home improvement priorities?
Given the data, you can expect the overall stats in the home industry to grow. There is an estimated 15.5% growth in new-homes side, while the repair and remodel side should command a growth rate of up to 3.8%.
This is of course independent of other conditions such as fluctuating oil prices and perhaps any new legislation. Regardless, it would seem that 2016 is indeed a good year to give your home a major facelift. Let Premier Remodeling & Design, LLC work with you to make this a reality. We offer a variety of projects such as kitchen and bath remodels, doors, windows, roofing, and siding in Hamilton, NJ.
We consider the highest level of customer service to be our highest priority, so don’t hesitate to contact us today. Fill out our Free In-Home Consultation form or call toll free (855) 251-3100 to schedule an appointment for a FREE Estimate.