Home Improvements That Will Offer the Best Value in 2018

Home prices continue to surge in most major U.S. real estate markets. The National Association of Realtors^® reports that the national median price for existing homes in November reached $248,000 – marking the 69^th straight month of year-over-year gains. With the price of homes on the rise, it makes sense to find ways to increase the value of your home, even if you don’t plan on selling right away. Here are the home improvement trends that offer the best value, according to Remodeling magazine’s 2017 Cost vs. Value Report.

Cost-Effective Trends in Home Remodeling

For the 2017 report, real estate pros in 99 market areas were surveyed about the expected increase in value from various types of home improvements in their area, and the results were compiled to create a national average. Here are some of the findings.

• Exterior projects often provide more value. In general, exterior projects that increase curb appeal increase value more than interior improvements. Specifically, steel entry door replacement increases value on average by 90.7% of investment, while adding stone veneer siding increases value by 89.4% of investment. Garage door replacement also ranks well at 85% increase in value for an upscale replacement, while siding replacement on average drives a generous 76.4% of investment increase in value.
• Upscale interior remodeling projects are increasing in value. Even though they aren’t as lucrative as exterior projects, some of the most expensive remodeling projects are seeing the largest increases in value year over year, thanks to a strong real estate outlook. Makeovers such as a two-story addition, an upscale bathroom remodel, an upscale master suite, family room and grand entrance all saw increases in value added between 5.6% and 7.4% over 2016.
• Energy efficiency is smart. Simple jobs like adding insulation and installing better-insulated windows and doors sit well with the energy-conscious buyer. For the second year, attic insulation returned a higher value than its cost (107.7%), the only improvement to do so.
• Age-in-place improvements are a hot trend. A bathroom renovation that includes universal design principles, such as wheelchair accessibility and a comfort-height toilet, posted a respectable return in the first year it was ranked. Pros estimate an increase in value of 68.4% of the cost of the improvements.

Add Value With Engineered Wood Siding

If you are ready to take advantage of the value offered by engineered wood siding, learn more about installing LP^® SmartSide^® siding on your home. It’s engineered to perform and designed to complement almost any architectural style. Contact an LP BuildSmart Preferred Contractor near you to schedule a siding consultation.