“Remodeling” Magazine recently released their annual “Cost vs Value Report,” which helps homeowners know what a certain improvement project costs and how much of the value you can recoup later. Find out what projects are best for Rochester and Buffalo New York.
Surprisingly, remodel projects for the Buffalo area tend to produce high resale values. The top 5 home improvement projects in Buffalo all recoup over 80% of the job’s cost; whereas, the top 5 projects in Rochester yield over 46%. Advice? Buffalo – start remodeling…it’s worth it!
Buffalo’s highest return on investment (ROI) project has impressive stats! Want to recoup nearly all your money on one project? Then replacing vinyl siding is Buffalo’s home improvement project of choice; it typically yields an average return of 98.1%! Rochester residents, however, will typically recoup only 46.2% for the same project, making it Rochester’s fifth highest return project to Buffalo’s number one. Alternatively, Rochester’s highest return project is replacing the garage door with the project recouping 51.7% of the costs. Replacing the garage door instantly boosts curb appeal… and with the winter we have been having, what buyers wouldn’t want a nice new garage door to protect their car from the cruel elements?
Scoring the second highest for both the Rochester and Buffalo market is the Attic Bedroom Remodel. The attic bedroom adds extra space to your home—serving as a guest room, teenage loft, or master suite—without the extra expense of a full addition to the home. The roof and floor are already existing structures for this project. The cost to convert an unfinished attic to a 15-foot-by-15-foot bedroom with a 5-foot-by-7-foot bathroom with shower (taking HVAC, windows, insulation, etc into account) for both cities is approximately $53,000. On average, homeowners in Buffalo will recoup 86.5% of the cost while Rochester homeowners will get 51.1%.
The third highest project for Rochester is a minor kitchen remodel scoring a 50.3% on return. Kitchens tend to be a focal point of many buyers so this type of project could be extremely beneficial, especially if the current one is dated. Focus on minor cosmetic changes; such as, replacing the fronts of cabinets and switching the hardware on them, switching to an energy-efficient oven, and installing a new sink with faucet. This project costs about $19,000 and adds just under $10,000 of resale value (just under $15,000 in Buffalo for the same cost). You might think a major kitchen remodel with have a higher ROI but, actually, it falls significantly below many other projects with a 42.0% in Rochester. The minor kitchen remodel just misses Buffalo’s top 5 list at spot 6; instead, garage door replacement recouping 85.4% captures its third spot.
Want a Rochester project that recoups nearly the same amount of value as the kitchen remodel, but costs significantly less? Although for Rochester it is only the fourth highest, no other single project provided more of a ROI nationwide–101.8% in fact!–than installing a replacement steel front door! Rochester residents can expect to recoup 49.1% on the average cost of $1,234; while in Buffalo, for the same cost, those residents can expect 83.9%.
Snagging Buffalo’s fourth spot, and just missing Rochester’s top 5 by 1.1%, is the stone veneer accent, which has a projected recoup value in Buffalo of 85.1%. Overall, the top projects for both cities which have the highest ROI are predominately those that increase curb appeal. In the info-graphic below are some projects that just missed the cut.
Interested in any of these Home Improvement projects but need help? Call our Home Services Department at 1.866.295.MOVE for recommendations of local, trusted, and reputable contractors!
Interested in some more tips and ideas on how to improve your kitchen without too much cost? Check out our previous blog: Thrifty Ways to Give your Kitchen a Facelift…without Breaking the Bank.
Want more information on refacing your current kitchen cabinetry?Follow @NothnagleRE