Of the many remodeling projects available to homeowners, which ones add the most value to homes in Chicagoland?
One of the undeniable perks of homeownership is the opportunity to renovate your living space, to remodel and craft a residence that truly reflects who you are.
With that said, though, not all remodeling projects are created equal, and some – especially in a unique marketplace like Chicago’s – are more beneficial to your home’s value than others.
For some perspective on the matter, we consulted the Remodeling 2014 Cost vs. Value Report (www.costvsvalue.com), a massively detailed examination of not only the cost of home remodeling projects, but also the value they add to a home.
Using that report, we uncovered the most valuable remodeling projects in Chicagoland, which are:
1. Garage Door Replacement – This was a big surprise to us, but not for a conventional reason. In an area with winters as brutal as Chicago’s, it makes sense that a new garage door would add value to one’s home, but according to the Remodeling report, a garage door replacement recoups 151 percent of its $1,800 cost, meaning that it recoups all of its initial costs and adds value to a house. The most stunning stat of all? Nationwide, garage door replacements only recoup 83.70 percent of their cost, meaning they are much more valuable here in Chicago than anywhere else.
2. Deck Addition (Composite) – Again, it’s all a matter of perspective and weather. While a wooden deck is beholden to the elements, a deck composed of composite material can much more effectively weather the snowstorms, and as such, a composite deck recoups 103.7 percent of its $17,127 cost in Chicagoland, compared to a national average of 74.30 percent.
3. Bathroom Remodel – Coming in at No. 3 was a bathroom remodeling project, which recoups 103.20 percent of its $20,101; we find this to be similarly intriguing, especially considering that nationwide, bathroom remodels only recoup 72.50 percent of their costs.
4. Minor Kitchen Remodel – Continuing the intrigue, minor kitchen remodels are a much more cost-effective project for one’s home than a major kitchen remodel; according to the report, a minor remodeling makes up 102.90 percent of its $22,375 cost, far above the national average of 82.70 percent.
5. Attic Bedroom Remodel – Finally, an attic bedroom remodel came in at No. 5, making up 98.2 percent of its $60,256 cost.
©2014 Hanley Wood, LLC. Complete data from the Remodeling 2014 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.