According to industry data, not a single one of 22 common home upgrade projects in the Annapolis area ‘paid’ for itself in 2021. The average cost for a mid-range bath remodel was nearly $24,000, but increased resale value by just under $12,000, for a cost recouped of 50.1%.
The highest recoupment costs were for a stone veneer upgrade at 97%, followed closely by a garage door replacement at 95%. All other projects return below 95%. Deck additions come in next at 70.9% followed by a steel entry door returns 65.8% and vinyl windows at 56.7%. But windows and doors also offer additional savings due to increased energy efficiency, and may even qualify for a tax credit.
So, what can you do with this knowledge? First, undertake these projects for your enjoyment, not for resale value. Second, do not let your home's condition deteriorate to the point that it requires major investments to put it on the market where it is unlikely that the full cost of those investments will be recovered. Enjoy your home while you live in it, and maintain it well so you aren’t stuck with major repairs just to get the house ready for market.
Mr. Handyman can help with any of these projects and many more. Visit our website at www.MrHandyman.com or give us a call at 410-593-1456.
