Remodeling ROI – The Best Spring Projects for 2019

You want to change the look and feel of your home, but you also want the remodeling that’s going to give you the best ROI and complement the existing features of your home. How do you choose the right project and design for you and your family? This article will show you how. We’ll cover:

• The top 9 National and NJ remodeling projects with the highest ROI
• How to select the best remodeling project for you
• How to get started on a remodeling project

Let’s get started!

You’ll want to start by referencing the latest version of Hanley Wood’s Cost vs. Value Report. This report surveys real estate professionals about returns for popular  renovation projects in different U.S. housing markets.

Here are projects from the 2019 Cost vs. Value report with the highest ROI in the mid-range cost category:

  • 1. Garage Door Replacement
  • National Average Cost: $3,611
  • Return on Investment: 97.5%
  • NJ Average Cost: $4,200
  • Return on Investment: 72.9%

  • 2. Manufactured Stone Veneer
  • National Average Cost: $8,907
  • Return on Investment: 94.9%
  • NJ Average Cost: $9,987
  • Return on Investment: 61.2%
  • 3. Kitchen Remodel (Minor)
  • National Average Cost: $22,507
  • Return on Investment: 80.5%
  • NJ Average Cost: $23,876
  • Return on Investment: 74.7%
  • 4. Deck Addition
  • National Average Cost: $13,333 (Wood)
  • Return on Investment: 75.6%
  • NJ Average Cost: $14,176
  • Return on Investment: 60%
  • 4. Deck Addition
  • National Average Cost: $19,150 (Composite – Upscale)
  • Return on Investment: 69.1%
  • NJ Average Cost: $21,541
  • Return on Investment: 56.6%
  • 5. Entry Door
  • National Average Cost: $1,826 (Steel)
  • Return on Investment: 74.9%
  • NJ Average Cost: $1,968
  • Return on Investment: 37.3%
  • 5. Entry Door
  • National Average Cost: $20,526 (Wood)
  • Return on Investment: 70.8%
  • NJ Average Cost: $23,546
  • Return on Investment: 53.5%
  • 6. Grand Entrance (Fiberglass – Upscale)
  • National Average Cost: $8,994
  • Return on Investment: 71.9%
  • NJ Average Cost: $10,657
  • Return on Investment: 59.1%
  • 7. Roof Replacement
  • National Average Cost: $22,636 (Asphalt)
  • Return on Investment: 68.2%
  • NJ Average Cost: $27,795
  • Return on Investment: 46.8%

How to Select the Best Remodeling Project for You

The next thing is to back up your initial findings by researching what ROI others in your zip code and street have received after completing updates to their homes. This will be extremely helpful if you plan to sell in the near future. As you come across your findings on your exact market, make a list of popular updates and what those homes sold for. In doing so, you’ll see which remodeling updates potential buyers are on the lookout for and how much your neighbors recouped.

From there you can make the call on whether to remodel for your own enjoyment; making updates to satisfy your own needs and wants, or to make updates that also align with the homebuyer market.

Where can you go for this information?

The internet is your best friend. By advancing your searches on real estate sites like realtor.com or zillow.com, you can see what other homes in your area have sold for – which will help you with your dilemma.

How to Get Started on a Remodeling Project & Get an Ideal ROI

Once you’ve decided on whether you’ll be remodeling to suit your unique tastes or follow the trend of what’s selling, you’re ready to begin selecting the style and design of your space. Think about daily routines and what frustrations you’re currently experiencing. Families who frequently entertain in the kitchen may want to expand the room and add an island with seating. If your bathroom is the place where you escape the world, you may want to expand the shower or add a soaker tub.

To help you piece together different design possibilities, take to the resources below for ideas:

  • TV shows
  • Magazines
  • Websites & Blogs
  • Social Media sites like Houzz, Pinterest & Instagram

Instagram project planning for remodeling ROI

  • Sketches & floorplans
  • Family & neighbors
  • Brochures
  • Remodeling professionals

The wide array of project design options can be both dazzling and intimidating. To avoid straying from your concept, you can:

  • Add all your ideas to a folder
  • Create sub-folders to house specific details (cabinetry, paint colors, flooring, etc.)

When you find yourself torn between the style of your room, create a folder to house each style. For example, if you find yourself attracted to farmhouse kitchen design, create a folder called “Farmhouse Design Concepts”. For contemporary bathroom concepts, create a “Contemporary Master Bathroom Design”.

Houzz project planning for remodeling ROI

You may discover that there are consistencies between the sub-folders and Design Concept folders – helping you to narrow down your ideas.

How to Hire the Right Remodeling Contractor for Your Project

Working with a Contractor can eliminate the stress, overwhelm and product uncertainty that comes with kitchen remodels, bathroom updates and home makeovers. It can also keep your project on time and on budget. However, not every home remodeling Contractor works the same. Some may present you with a proposal and pitch and price that’s opposite of your research. In most of these situations, material and product selections are not accounted for at the beginning of the project. Therefore, the thousands of dollars you saved in your proposal may soon add up in material and product selections once the project is underway.

To make an informed hiring decision, avoid overwhelm & stress and unexpected project costs, turn to our free Choosing the Right Contractor Guide

Are you considering a remodel project for 2019 but don’t know how it will play in the Central NJ housing market? We can help! Get in touch and let’s discuss how likely your project is to pay you back.

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