Homeowners often wonder what home improvements they can do that will actually add value to their homes. If I add another bathroom, or remodel the kitchen, will I get my money back? And, what features should I include in my addition or remodel? You might be surprised at the answers!
As compiled in the 2015 Cost. vs Value Report (www.costvsvalue.com) for Honolulu, the improvement that gives you the most bang for your buck in terms of added value is a deck addition (wood) at a return of 146.4% of your investment. A composite deck is a worthy investment, too, but only gets back 115.1% of your spend.
What’s the smallest return according to the Cost vs Value report? It’s a home office remodel estimated at a cost of $33,702 and an estimated resale value of $24,564. If you have $33,000 to spend, you’re better off putting it towards a bathroom or kitchen remodel or a new roof, all of which will add resale value of more than 100% of your cost.
If you do remodel a bathroom, you need a whirlpool tub, a separate shower with body spray fixtures and frameless glass enclosure, and of course, a stone countertop with two sinks.
A minor kitchen remodel estimated at $22,108 includes new cabinet fronts and drawers plus hardware, new laminate countertops, new energy-efficient cooktop and oven, fresh paint and new resilient flooring such as vinyl, linoleum or cork.
Here are the top 5 for Honolulu mid-range:
- Deck addition 146.5%
- Stone veneer accent 143.7%
- Garage door replacement 132.0%
- Window replacement (wood) 119.0%
- Deck addition (composite) 115.0%
Here are the bottom 5 for Honolulu mid-range:
- Home Office Remodel 72.9%
- Sunroom addition 89.0%
- Bathroom addition 92.2%
- Master Suite addition 92.8%
- Siding replacement (vinyl) 95.6%
Of course, the question of Cost vs. Value depends on what YOU value. If you plan to stay in your home for a long time, then a family room addition, for example, might be more meaningful to you even though it ranks lower on the list of cost vs. value. Or, if your roof is near the end of its useful life, it might be wise to make that a priority.
To see more detailed data about what improvements add value to your Hawaii home, visit http://www.remodeling.hw.net/cost-vs-value/2015/pacific/honolulu-hi