Remodeling Magazine has released their 2014 Cost vs. Value Report which list the five top renovation/remodeling projects that will bring the highest return on investment:
- Replace entry door with a steel door: According to Remodeling Magazine the approximate cost is $1,100 with an 84 percent return on investment. Meanwhile, replacing an entry door with a fiberglass door costs $2,760 with only a 60.6 percent return.
- Attic bedroom remodel: The average cost is $44,000 with a 65.9 percent return on investment. This remodel utilizse unfinished attic space by converting it into a bedroom and additional bathroom which, of course, also adds additional heated square footage to the home.
- Minor kitchen remodel: The average cost is $17,500 and sees a 65.4 percent return on investment. This would involve leaving the existing base cabinets and replacing the door fronts with raised panel doors and new hardware. It also would include replacing countertops with solid surface counters, a new sink and faucet, updating existing appliances with energy-efficient models, and updating existing lighting fixtures.
- Window replacement: Replacing ten 3-by-5-foot windows has an average cost of $10,400 which brings a return on investment of 63.2 percent. The report suggest replacing windows with wooden windows and wrapping the exterior in vinyl. Meanwhile, replacing windows with vinyl double-hung windows costs a bit less, but also brings a smaller return on investment at only 59 percent.
- Deck addition: The average cost of a deck addition is $8,500, with a return of 61.9 percent. This consists of adding a 16-by-20-foot deck including benches or planter boxes comprised of pressure-treated wood, railings, and steps.