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Front Page - Friday, June 16, 2017

Remodeling projects that can pay you back

Remodeling projects improve the looks and function of your home, and if you decide to sell, certain projects will give you a good return on your investment.

Curb-appeal projects provide some of the best returns on your investment, according to Remodeling magazine’s 2017 Cost vs. Value Report. The report compares out-of-pocket costs of 29 remodeling projects against how much real estate professionals predict the improvements will add to the potential selling price of a house sold within a year of finishing the project.

Replacing the front door with a new steel door, for example, returns 91 percent of the cost. Manufactured stone veneer in place of vinyl siding on the bottom third of the street-facing facade yields an 89 percent return.

Add a family room and you’ll recoup the lion’s share of what you put in – 78 percent within a year, the report finds. The same goes for a kitchen remodel, which came in at 70 percent payback, or finishing a basement, 81 percent.

Projects in the report pay back an average of 64.3 cents on the dollar in resale value – the bulk of the cost – but not enough to call them outright money-makers that first year. Only one project recoups its entire cost and then some: having a professional seal and add loose-fill insulation to the attic, with a return of 108 percent.

The bottom line for any remodeling project is to enhance your home’s value – not just in immediate resale price. Homeowners who invest in projects that create a more energy-efficient, comfortable and livable space find a good return on their investment from avoiding the cost of moving, or saving on monthly utility costs.

To learn more about remodeling projects that prove their value, or to find a remodeler in the Tri-State area, visit the Home Builders Association of Greater Chattanooga at www.HBAGC.net.