On April 1, the Texas Association of Realtors released the 2015 edition of their Texas Remodel Valuation Report. For those of you considering a remodel in your home, it’s time to tune in and listen up.
In this report, TAR outlines a most profitable home remodels based on recoup costs of more than 20 different projects in 2014. These are further broken down by profitability nationwide, marketwide, and in four Texas cities. Here’s a quick summary of the projects that will get you the most bang for your buck in the Texas region, Dallas, and nationwide:
–Curb Appeal is King: Nationally and in Texas, projects that boost curb appeal have the best return on investment, or ROI. Replacing the entry door, garage door, siding, windows, and roofing all ranked highest on this list.
–Practical Remodels: Projects that improve a home’s functionality or sustainability were among the most profitable for the second year in a row, significantly more so than upscale remodels and additions.
–Increase Livable Square Footage and Sustainability: Basement remodels, wood deck additions, and backup power generators were also popular.
–5 Most Profitable: Roofing replacement, vinyl window replacement, basement remodel, steel entry door replacement, garage door replacement
–5 Least Profitable: Sunroom addition, home office remodel, fiberglass entry door replacement, upscale garage addition, upscale composite deck addition
–5 Most Profitable: Steel entry door replacement, stone veneer accent, midrange garage door replacement, siding replacement, and upscale garage door replacement
–5 Least Profitable: Sunroom addition, home office addition, upscale master suite addition, upscale garage addition, midrange bathroom addition