Using Remodeling’s Cost vs. Value report, 27 Wall Street breaks down the 10 best home improvement projects that pay off for the homeowner. As we reported this year, 27 projects were included in our annual report and the average residual value of those projects a year after their completion is 64.4%.
As 27 Wall Street reports:
We looked at the projects that return the most value nationally because some of them struck us as surprising given the conventional wisdom. Note, too, that mid-range costs are based on typical quality materials and the estimates were generated from identical specifications for the work to be done. The report also included projects calling for upscale work that is more expansive and complicated and uses more expensive materials than the baseline mid-range projects.
Among the mid-range projects are three that return more than 90% on the homeowner’s investment and two that return more than 80% but less than 90%. Among upscale projects, only one returns more than 90%, two return more than 70% and two return more than 60% but less than 70%.
The single project that returns more value to a homeowner than its cost is adding fiberglass insulation in the home’s attic. The project calls for a pro remodeler to air-seal a 35×30 attic floor to address any air leakage from conditioned space to unconditioned space. Then the pro would add fiberglass loosefill insulation, placing it on top of existing insulation if present. Fiberglass loosefill would be applied until thickness equating with R-30 insulation value is reached. The estimated cost of this project is $1,268 and the estimated return is $1,482, or nearly 117%.
To view the full list of projects that provide the best value, click here.
To read the full story from 27 Wall Street, click below.