During the summer more than any other time of year, we see our homes at their best. Gardens and plantings are free from fallen leaves and snow, interior spaces are bright, and air flows freely through open windows. It’s the one time of year you can sit back and enjoy all of your home’s best features (except perhaps its heating system). Everything is on display.
On the flip side, this also makes it the time many homeowners start to notice the things they’d like to change.
And if your plans involve more than a few cans of paint or a trip to HomeGoods, one of the questions that may cross your mind is that of ROI. How much of your investment would you recoup if you were to sell? This isn’t to say that you should base your entire decision around resale (after all, you’re doing it for your own enjoyment), but it’s a good data point to be aware of.
Every year, Realtor Magazine publishes a Cost vs. Value report in conjunction with Remodeling Magazine, which attempts in relative terms to answer this very question.
Remodeling Magazine gathers data on project costs in multiple cities throughout all 50 states and comes up with averages for each location, each region, and nationwide. They also collect data on resale values and the return on value for each improvement they study. Of course, well-done updates will recoup more than the average, and vice-versa, but the ranking structure is helpful, particularly if you have several projects in mind and can’t quite decide where to start.
The project that gave the highest return was a steel front door (who knew?), but we were glad to see that returns on kitchen and bath remodels – both mid-range and high-end – were among the top 10 for returns, AND that the average price to complete such projects was lower in Maine than the New England and national averages.
You can view the entire report here, or browse by region and project below:
Ready to give your kitchen or bath a summer spiff? Contact the Maine Coast design team today at 207-321-3555 or text “appointment” to 313131 to schedule a time to meet.