Of the many remodeling projects available to homeowners, which ones add the most value to homes in the Boston area?
One of the undeniable perks of homeownership is the opportunity to renovate your living space, to remodel and craft a residence that truly reflects who you are.
With that said, though, not all remodeling projects are created equal, and some – especially in a unique marketplace like Boston’s – are more beneficial to your home’s value than others.
For some perspective on the matter, we consulted the Remodeling 2014 Cost vs. Value Report (www.costvsvalue.com), a massively detailed examination of not only the cost of home remodeling projects, but also the value they add to a home.
Using that report, we uncovered the most valuable remodeling projects in Boston, which are:
1. Attic Bedroom Remodel – Nationally, an attic bedroom remodel offers a respectable return on investment, with homeowners recouping 84.30 percent of its cost; here in Boston, though, the project actually adds value to a residence, with homeowners recouping 107.80 percent of the average $60,102 cost.
2. Siding Replacement – A similarly atypical remodeling project in Boston is vinyl siding replacement, which recoups 94.20 percent of its average $13,231 cost (far above the 78.20 percent for the rest of the nation).
3. Steel Entry Door Replacement – This one was a curiosity. Although Bostonians recoup 92.80 percent of the project’s $1,294 cost, that’s actually below the national average of 96.60 percent.
4. Wood Window Replacement – Coming in at No. 4 is wood window replacements, which in Boston recoup 88.10 percent of their $12,603 cost; that’s better than the national average of 79.30 percent.
5. Minor Kitchen Remodel – Finally, minor kitchen remodels make up 87.70 percent of their $21,175 cost, slightly above the national average of 82.70 percent. Interestingly, a minor kitchen remodel is a much more cost-effective project for one’s home than a major kitchen remodel.
©2014 Hanley Wood, LLC. Complete data from the Remodeling 2014 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.