Not all home improvements are equal when it comes to recovering the costs of the job. In Colorado and its fellow Mountain Region states, homeowners recoup considerably more of their costs for some projects than others, according to the Remodeling 2019 Cost vs. Value Report (www.costvsvalue.com).
Produced by Remodeling Magazine, the report provides an in-depth look at the return on investment (ROI) of common remodeling projects. This year’s analysis compares average costs for 22 remodeling projects with the value those projects retain at resale in 136 U.S. markets.
Across the Mountain region states of Colorado, Utah, Arizona, New Mexico, Idaho and Montana, the highest return for upscale homes – 98.6 percent – comes from replacing the garage door. For midrange homes, the top return is 96.5 percent for manufactured stone veneer.
The lowest ROI projects for an upscale and midrange home in the Mountain region, respectively, are a master suite addition – 48 percent – and a universal design bathroom remodel – 55 percent.
Here are the remodeling projects that topped this year’s report with the Mountain Region’s best ROI.
1. Garage door replacement
You’ve probably noticed that a stylish, new garage door makes a home pop with curb appeal. That’s probably why this $3,550 investment returns 98.6 percent or an estimated $3,502. The project analyzed is for the removal and replacement of a 16×7-foot garage door and tracks. The new door has a lifetime warranty, is made with high-tensile-strength steel with two coats of factory-applied paint, is foam insulated to minimum R-12, and ruses the existing motorized opener. Windows in top panel are ½-inch insulated glass.
2. Manufactured stone veneer
This trend is a natural for Colorado and delivers $8,422 on an $8,731 investment, or 96.5 percent. The estimated cost is for a 300-square-foot adhered manufactured stone veneer, including 36 linear feet of sills, 40 linear feet of corners, and an outlined entry archway.
3. Minor kitchen remodel
A simple kitchen refresh returns 80 percent of the cost on midrange homes. The project analyzed included installing new shaker-style wood panels and new hardware on cabinet and drawer fronts, replacing the cooktop, oven range and refrigerator, and putting in new laminate countertops and resilient flooring. Project cost is $21,726 and returns $17,349.
4. Siding replacement
New siding adds new life to a home and returns 75 percent of the money spent to do the job. Though it may seem mundane, fresh siding make your entire home feel new. Project cost is $15,317 for 1,250 square feet, and returns an estimated $11,545.
Rounding out home improvements that return above 60 percent are deck addition (wood) 74.3 percent; window replacement (vinyl) 71.3 percent; grand entrance (fiberglass) 71 percent; deck addition (composite), 66.5 percent; roofing replacement (asphalt shingles), 65.6 percent; entry door replacement (steel) 64.2 percent; bathroom remodel, 61.9 percent; major kitchen remodel (midrange homes), 60.6 percent; and roofing replacement (metal), 60.1 percent.
Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
About Tom Kalinski:
Tom Kalinski is a pillar of the Boulder Valley real estate community who was inducted into Boulder County’s Business Hall of Fame. Tom has vast inside knowledge of the Boulder County real estate market and an impressive 40-year background in commercial and residential real estate. Tom is the Broker/Owner of RE/MAX of Boulder, the top-producing local residential real estate company he established in 1977, which has grown to over 100 Realtors. RE/MAX of Boulder has been voted Best Real Estate Group by Boulder Weekly, Best Real Estate Company by Colorado Daily, and named #1 RE/MAX office in the U.S. for sales volume 8 times.