Return on Investment Remodeling Statistics in 2018
Clients who come to Dale’s Remodeling want to transform their homes for a wide variety of reasons. Maybe they need to improve a room’s functionality, add more square footage to the structure, or perhaps they just want to update the look of their home with new, innovative features, like the Lutron Automation System. Whatever the reason may be, there is one goal everyone desires—remodeling to add value to their home.
In the latest 2018 Hanley Wood Cost vs. Value remodeling statistics, an industry standard, we’re able to see which renovation projects provide the best return on investment (ROI) for our customers. Here are the best projects for the most common mid-range and upscale projects in the NW Region – Salem, Oregon.
Mid-Range Remodeling Projects
Kitchen projects are always a safe bet if you want to add value to your home. This year, major, mid-range kitchen renovations provide homeowners with a 62.7% ROI and minor updates (think refacing cabinets, countertops, paint, and flooring) provide a 92.9% return.
Adding usable square footage to an existing structure is no small task, but the added value to your home makes it well worth considering if you need the extra room. In 2017, two-story additions provided 90.6% ROI and a basement remodel came in at 86.4%.
A home’s exterior takes a beating over the years, reducing its curb appeal and leaving it vulnerable to the elements. That’s exactly why the ROI for exterior work is so high. New siding provides 86.6% ROI, while a new roof comes in at 79.3%.
High humidity and harsh treatment cause a lot of damage to a bathroom. That’s exactly why bathroom renovations are one of the more profitable remodeling projects, with up to 87.7% cost recouped.
Upscale Remodeling Projects
Not only do new windows look good and add to the value of your home, they also provide a barrier to keep your home’s heating and air conditioning from escaping. Replacing your old windows with new wood-framed windows bring you an 81.6% ROI, while vinyl windows provide 85.1% according to the latest 2018 reports. Plus, windows are one of the most common products eligible for energy incentives in Oregon and offer cash back in your pocket, too.
Major kitchen remodels for upscale projects are a big undertaking for any household, but the outcome provides homeowners not only an amazing space, it also provides a 56.4% ROI. Adding new energy-efficient appliances will keep the value increasing for years after the project is complete.
Universal design in the bathroom to accommodate physical difficulties can turn a difficult-to-navigate space into a luxury bathroom. The value that this type of project adds to a home is a 87.1% ROI, but the value to a person’s life can be immeasurable. Adding a bathroom will give you a 60.8% return and a renovation of an existing bathroom provides 62.1%.
Considering the beauty we get to enjoy in the Salem-Keizer area it’s no surprise that adding a beautiful deck will give you up to 88.9% return on your investment, depending on wood or composite materials. Plus, endless enjoyment every season of the year!
There is still time for 2018 to be the year you add value to your home and updated with Dale’s Remodeling. Stop by our Showroom today to meet our team and see all the great ideas we can incorporate while adding value and efficiency to your home.