Every year, Remodeling Magazine puts out its 2015 Cost vs. Value Report and the 2015 issue has just recently been released. For the report, they tracked more than 3,600 projects and found that 269 of them added more to the price of a home when it sold than the project’s cost.
If you’re considering remodeling or making repairs to your St. Paul home and want to know how much, if any, added value the work will bring to the home, read on.
By the way, the report is broken down into regions, so the following suggestions are specific to the Midwest.
Entry Door Replacement
Replacing the entry door and jambs with a 20-guage steel unit, with a half-pane glass window, costs, on average, $1,258. The replacement will net you an extra $1,077 dollars at the close of escrow, so you’ll recoup 86 percent of this cost when you sell the home.
Shop around when you hire a contractor and you may be able to lower the cost of the door replacement, thus raising the amount of value added.
Need to Replace your Garage Door?
You’ll spend roughly $1,616 for a garage door replacement in St. Paul and, in return, you’ll increase your home’s value by $1,171, a 72 percent return on your investment. This estimate is based on the installation of a new, 4-section uninsulated door on new, galvanized steel tracks, with an automatic opener.
Get Rid of the Roof
One of the more common repair/replacement jobs in our area is the replacement of the home’s roof. It’s a pricey job, to be sure. But rest assured, you will recoup some of the money invested in a new roof. You’ll pay around $20,460 for a new roof in St. Paul and add $14,531 to the home’s value, a 71 percent return on your money.
Add a Bathroom
Homeowners know that bathrooms and kitchens sell homes. If you live in one of St. Paul’s older homes, however, you also know that one bathroom just doesn’t cut it on the current real estate market.
Bathroom additions are popular projects in the Twin Cities. It’s estimated that the project will cost around $40,445 and that it will add $19,294 to the home’s value. While this represents only a 47.7 return on investment, the additional bathroom may help the home sell quicker, which is always a bonus.