How Much Value Can a Remodel Project Add to Your Cook County Home?
A valuable tool for any home owner, seller, or buyer interested in remodeling their property has just been released. According to an article published by RealtyTimes, the Remodeling 2018 Cost vs. Value Report* (www.costvsvalue.com) has some interesting insights worth checking out. Before you plan your next project, get an idea of an expected Return on Investment (ROI) with this in- depth report. You’ll find information on national, state and regional trends, including what projects bring more value and which ones don’t.
In looking at the big picture, on a national level, exterior projects are bringing the highest ROI, including deck additions and garage door replacements. Kitchens and baths alike still see a good rate of return however, a major remodel isn’t necessarily the best way to invest. Updating projects on a smaller scale do better when it comes to cost vs. value.
In the East North Central region of Illinois which includes Cook County, the top ROI results according to the Cost vs Value Report include Garage door replacements, which can bring up to 96.2% ROI, Manufactured stone veneer for the exterior, which can bring up to a 91.5% return and a wood deck addition, bringing up to 81.5% of the cost in return.These top three projects are right in line with the national top values and highlight a growing towards enhancing the exterior of our homes, with quality materials, merging function and design to a better result.
It’s no surprise decks are on the high end of home improvement projects when you consider the popular trend of creating outdoor living spaces. With an expanded deck, you can incorporate features such as lighting for ambiance and comfortable furniture with ease. A multi-level deck can extend your outdoor living room even further with easy access to a fire pit or perhaps an exterior kitchen, perfect for entertaining and family gatherings.
The Cost vs Value Report provides a reflection of what people are looking for in a home, comfort, quality and durability. When it’s time to remodel, understanding what type of ROI you may get from a project, can help you determine which ones go to the top of your wish list. When you’re ready to sell or buy a home, you want to work with a Realtor® who keeps their client’s interests and needs in mind. We’re ready to put our expertise to work for you. Learn more at our website, DriscollProperty.com, then contact the Driscoll Properties Team at 847-533-6786 to help you discover the home of your dreams.
* “© 2018 Hanley Wood, LLC. Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.”
Patrick Driscoll, Remodeling 2018 Cost vs. Value Report, Home Seller, Home Buyer, Return on Investment Values