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 2011-2012 are the same as last year – Siding Replacement (fiber-cement) at 97.9%, window replacement (vinyl) at 86.7% and garage door replacement at 87.9% according to Remodeling Magazine’s “Remodeling 2011-12 Cost vs Value Report” (www.costvsvalue.com) .
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 $265,174 only nets a 63.7% 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 2011-12 Cost vs Value Report (www.costvsvalue.com) for Los Angeles County which is broken down into Midrange priced projects and Upscale priced projects (Reports can be accessed by clicking here). 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.
