Every year, Hanleywood puts out a cost-vs-value study that attempts to calculate the value created by different types of work (e.g. a kitchen remodel that costs $58k will add $38k to the value of your home).
This year’s study basically said there was only one thing that would add more value to your home than it costs: an entry door replacement.
Curious to get some other folks thoughts on these numbers. Also, do your clients care about the value added to their homes or are they remodeling for more emotional reasons?
Any research that attempts to show specific values, costs and ROI is going to be flawed, but I believe it provides a good starting point for people to think about. It’s always important for contractors to educate their customers about these projections but with the understanding that it’s not exact. Home owners should keep in mind that those values are averages. If you live in a nicer middle-class neighborhood you’re more likely to see a higher ROI on any of those investments than if you’re in the country or in very high-end homes.
