A HIGHER LEVEL OF CONFIDENCE WHEN SELLING,
BUYING OR RENTING REAL ESTATE
Group3 Real Estate has built its reputation on creating a relationship by listening and working with you in developing the right formula for buying, selling or renting real estate.
With an incredible real estate staff of professionals, you will feel confident that you have made the right choice because we understand the region and live in the region too. Each agent has wonderful experience offering you alternatives and stand by your side in helping you reach a decision of what’s best personally for you.
It’s a higher level of confidence in selling, buying or renting real estate in Northwest NC and Southwest VA.
PROPERTY SEARCH
At Group3 Real Estate We Keep You Informed… Cost vs. Value: Which Home Improvements Offer the Highest ROI
in 2017?
With the many different projects reported annually in Remodeling Magazine’s Cost vs. Value Report, not much has changed from last year. Recent and long-time trends continued, reports Remodeling. Curb appeal projects like changes to doors, windows and siding garnered a higher ROI than work done inside the home. Replacement projects, like doors or windows, scored higher among real estate pros than did remodels.
On a national scale, the top five projects with the greatest ROI in the report’s “midrange” cost category are:
Attic Insulation (Fiberglass) (107.7% ROI)
Average Cost: $1,343
Average Resale Value: $1,446
Entry Door Replacement (steel) (90.7% ROI)
Average Cost: $1,413
Average Resale Value: $1,282
Manufactured Stone Veneer (89.4% ROI)
Average Cost: $7,851
Average Resale Value: $7,019
Minor Kitchen Remodel (80.2% ROI)
Average Cost: $20,830
Average Resale Value: $16,699
Garage Door Replacement (76.9% ROI)
Average Cost: $1,749
Average Resale Value: $1,345
The top five projects with the greatest ROI in the report’s “upscale” cost category are:
Garage Door Replacement (85.0% ROI)
Average Cost: $3,304
Average Resale Value: $2,810
Entry Door Replacement (fiberglass) (77.8% ROI)
Average Cost: $3,276
Average Resale Value: $2,550
Window Replacement (vinyl) (73.9% ROI)
Average Cost: $15,282
Average Resale Value: $11,286
Window Replacement (wood) (73.0% ROI)
Average Cost: $18,759
Average Resale Value: $13,691
Grand Entrance (fiberglass) (70.1% ROI)
Average Cost: $8,358
Average Resale Value: $5,855
Regionally, the Pacific division (California, Oregon, Washington, Alaska and Hawaii) saw an average payback of 78.2 percent for all projects, with 10 projects posting cost-recouped levels of at least 90 percent. The East North Central states of Ohio, Indiana, Michigan, Illinois and Wisconsin, however, saw an average of just 54.9 percent, with no single project offering a payback of as much as 80 cents on the dollar.
At the other end of the spectrum are projects with the lowest returns on investment—improvements generally not in demand by the market. Again on a national scale, the five projects with the lowest ROI in the “midrange” cost category are:
Bathroom Remodel (64.8% ROI)
Average Cost: $18,546
Average Resale Value: $12,024
Master Suite Addition (64.8% ROI)
Average Cost: $119,533
Average Resale Value: $77,506
Backyard Patio (54.9% ROI)
Average Cost: $51,985
Average Resale Value: $28,546
Backup Power Generator (54.0% ROI)
Average Cost: $12,860
Average Resale Value: $6,940
Bathroom Addition (53.9% ROI)
Average Cost: $43,232
Average Resale Value: $23,283
The five projects with the lowest ROI in the “upscale” cost category are:
Major Kitchen Remodel (61.9% ROI)
Average Cost: $122,991
Average Resale Value: $76,149
Master Suite Addition (59.9% ROI)
Average Cost: $250,687
Average Resale Value: $150,140
Bathroom Remodel (59.1% ROI)
Average Cost: $59,979
Average Resale Value: $35,456
Bathroom Addition (57.1% ROI)
Average Cost: $81,515
Average Resale Value: $46,507
Deck Addition (composite) (56.4% ROI)
Average Cost: $39,339
Average Resale Value: $22,171
Source RISMedia