Do you own a home in Philadelphia? Have you considered doing some improvements? It can be difficult to decide which to do first. Or, which to do at all. Fortunately, some really smart people have gone through the trouble of figuring out all the details for you. You can find their data here, on the 2015 Cost Vs. Value Report. This quick guide will help you target projects that will provide the most return for your money.
If you’ve been thinking about a home office remodel you might want to consider the cost. Not the cost you’ll pay to have it done, but what it is worth to the equity of your home. The average home office remodel can run $29,066, but at that price point, it will only increase the value of a home by $14,155. That mean $14,911 of your hard-earned money will be lost in the transaction.
How about adding a bathroom? The average bathroom addition in Pennsylvania will cost $41,708, according to the study. But adding that new bathroom will only increase the value of your home by $19,658. You may gain the convenience of another bathroom, but you’ll lose $22,050 to get it. That is a lot of money to spend on not having to wait for your daughter to finish drying her hair.
So, what is a good investment? A steel entry door. If you look at the national average, it actually pays to put in a new entry door. The average door costs $1,230 to buy and install, and it adds $1,252 to the value of the home. That means 101.8% of the cost is recouped! If you live in Pennsylvania, getting a new entry door is still a far better investment than that home office remodel or bathroom installation. The office remodel would recoup only 38.7% of the investment you put in it, and the bathroom would have only given you a 47.1% return. But installing a new front door can return 88.5% of your investment.
If you’re going to take on a remodeling project, doesn’t make sense to choose one that will add to the value of your home and recoup the money you’ll spend to make it happen? Not only that, a new entry door improves your quality of life in ways you can’t put a dollar figure on. It is like getting a facelift for your home.