Going all the way back to 2007, Louisville Homes Blog has brought you targeted real estate news and advice for Louisville homeowners and home buyers. So let’s keep this train rolling!
Just in case you’re curious, I’ve linked up our previous articles:
- Comparing Home Improvements in Louisville with the Nation (2007)
- Home Improvement Costs vs. Values for 2008
- Home Improvement Costs vs. Values for 2009
- Louisville Home Improvement Costs vs. Values for 2010
- Top Louisville Remodeling Projects for Return on Investment (2011)
Home additions are the largest home improvement projects you can take on. The least intimidating of these might be adding a sun room where an existing concrete patio already resides. Even one as seemingly inexpensive as this can turn quite pricey.
Tip: The best advice is always (ALWAYS!) to get multiple bids, interview past customers and ask to see samples of the work each contractor has completed.
Going with a contractor just because you received a Groupon in your inbox, is not a good idea.
Costs Recouped for Additions to Your Louisville Home
|Deck Addition-wood (midrange)||77.3%||80.4%|
|Attic Bedroom (midrange)||72.9%||72.0%|
|Deck Addition-composite (midrange)||67.5%||70.3%|
|Master Suite Addition (midrange)||63.2%||66.1%|
|Family Room Addition (midrange)||63.3%||65.8%|
|Deck Addition-composite (upscale)||59.7%||64.5%|
|Garage Addition (midrange)||63.7%||64.3%|
|Backup Power Generator||52.7%||60.6%|
|Two-Story Addition (midrange)||65.4%||59.7%|
|Garage Addition (upscale)||54.7%||56.4%|
|Bathroom Addition (midrange)||54.8%||56.0%|
|Bathroom Addition (upscale)||56.0%||55.8%|
|Master Suite Addition (upscale)||52.1%||53.7%|
Here in Louisville, Kentucky the standard is pretty clear. Don’t spend a lot on your home improvement projects, if… getting the best return on investment is your primary focus.
Midrange selections return a better ROI than upscale choices, every time. Even if it’s just by a small amount.
Putting a new deck on the back of your home is almost always a good choice. But keep in mind the maintenance that’s involved with a standard wood deck.
Most of my Louisville real estate clients look favorably on a composite decking product with far less maintenance. A concrete, natural or paver stone patio is even better!
Costs Recouped for Remodels to Your Louisville Home
|Minor Kitchen Remodel (midrange)||75.4%||76.6%|
|Basement Remodel (midrange)||70.3%||72.2%|
|Bathroom Remodel (midrange)||65.2%||72.0%|
|Major Kitchen Remodel (midrange)||68.9%||70.9%|
|Major Kitchen Remodel (upscale)||59.7%||62.5%|
|Bathroom Remodel (upscale)||58.3%||61.8%|
|Home Office Remodel (midrange)||43.6%||52.0%|
I’m assuming that a basement remodel would include finishing an unfinished basement, which traditional nets a 70-80% return. You can’t go wrong with that.
All of these numbers appear to be slightly lower than in years past as the pendulum has started to swing away from onslaught of home improvement projects that many homeowners have undertaken during the housing recession—rather than purchasing a new home.
Costs Recouped for Replacements to Your Louisville Home
|Entry Door Replacement-steel (midrange)||85.6%||87.6%|
|Siding Replacement-fiber-cement (upscale)||79.3%||84.6%|
|Siding Replacement-foam-backed vinyl (midrange)||72.9%||79.9%|
|Siding Replacement-foam-backed vinyl (upscale)||71.8%||79.6%|
|Garage Door Replacement (midrange)||75.7%||77.4%|
|Garage Door Replacement (upscale)||75.2%||76.1%|
|Window Replacement-wood (midrange)||73.3%||71.9%|
|Grand Entrance-fiberglass (upscale)||63.9%||70.5%|
|Window Replacement-vinyl (upscale)||71.2%||69.0%|
|Window Replacement-wood (upscale)||68.4%||67.7%|
|Window Replacement-vinyl (midrange)||71.2%||65.6%|
|Entry Door Replacement-fiberglass (midrange)||65.9%||63.2%|
|Roof Replacement (midrange)||62.9%||61.9%|
|Roof Replacement (upscale)||56.7%||57.2%|
The only home improvement to traditionally return 100% or more was replacing a home’s front door. That number has slide considerably, while still being a strong investment.
In my mind, a fiberglass door is actually more attractive in most cases than a steel door, especially when glass is part of the equation. This can impress potential buyers, so I wouldn’t rate it this low.
Vinyl clad windows are far more desirable for today’s time-crunched families who would rather not have any exterior maintenance if they can help it.