Which home improvements and remodeling projects give the greatest return on investment? For owners of Palos Verdes homes (and Los Angeles County) who choose upscale remodeling, the top three projects for 2013-2014 are a little different from last year as both Grand Entrance and Deck Addition (composite) have moved up to third position. The remodeling project with the highest return on investment is garage door replacement at a 94.6% return, followed by window replacement (wood 95.2% return and vinyl 91.4% return) and both Grand Entrance and Deck Addition (composite) at an 87.3% return according to Remodeling Magazine’s “Remodeling 2014 Cost vs Value Report” (www.costvsvalue.com). Curb appeal is important to buyers who are getting the first impression of your home. In the midrange category, steel entry doors receive the number one return on investment at an outstanding 122.3%!
Of the top 13 upscale remodeling projects with the best return on investment for Los Angeles County, 6 are under $25,000 and include both vinyl & wood window replacement, siding replacement (foam-backed vinyl & fiber-cement), garage door replacement and grand entrance. A Master Suite Addition which is the most expensive at $264,383 only nets a 78% return.
Owners of Palos Verdes real estate remodel for different reasons, like the need for more space, to improve the functionality of specific rooms and to update them. Kitchen and bathrooms are usually the most expensive remodel as plumbing and/or appliances need to be moved and/or replaced. There is no specific report for Palos Verdes homes but there is a Remodeling 2014 Cost vs Value Report (www.costvsvalue.com) for Los Angeles County which is broken down into Midrange priced projects and Upscale priced projects. When you open on the download button (www.costvsvalue.com), choose Pacific and then Los Angeles – you will be prompted to register before gaining access to the report. When you click on the project name (i.e. Bathroom Remodel) you can then read the features of that price range to compare to your own.
Remodeling just for resale rarely nets you a dollar for dollar return. Most remodels are done for the enjoyment of the homeowner (who still wants to maximize their return when they do sell). My experience is that most buyers are looking for newer kitchens, bathrooms, master suites and nice yards. Curb appeal is also important because it is the buyer’s first impression of the home.
Photo courtesy of Arvin Design