Manufactured home remodeling projects and repairs should do two things: improve the home and increase its equity as much as possible.
Knowing the cost versus value of a project can help you chose the projects that can make both happen.
The January 2015 issue of Remodeling Magazine delivered a fine analysis of the country’s average ROI data for 2014. We used their report to determine our own picks for best-manufactured home remodeling projects that can increase your home’s value.
Projects rarely provide 100% return on investment, the national ROI for combined remodeling projects was only 62.5% so it is important to understand which projects will help you get the most bang for your buck.
The current housing trend seems to be turning toward smaller, more practical projects. The ‘less-is-more trend’ may be settling in for the long haul – ROI dropped for two-story additions by 10.7%, both master bedroom suites and high-end kitchen remodels decreased 8.6%.
Remodeling became more expensive throughout 2014 and that trend looks to continue this year. The price for hiring a professional to do your remodel increased 4.22% from the 2014 Cost vs. Value report.
If you plan on remodeling, do it sooner than later.
10 Remodeling Projects that Can Increase Your Home’s Value
Doors and Windows
Doors and windows are practical manufactured home updates that will benefit a home is numerous ways – lower heating and cooling costs, increased function, and aesthetics.
Steel door replacements are in the #1 position for best ROI because you get back every dime you spend, and then some. Its average return on investment is 101.8%.
Vinyl siding instantly updates the look of a home and can lower heating and cooling costs significantly, especially when replacing older siding. It has an 80.7% ROI, fiber-cement siding clocks in at 84%.
Installing a roof-over or replacing the shingles of your manufactured home is a great way to increase return on investment, especially if the home is older.
Remodeling Magazine states that the price of three-tab shingles starts around $23 per bundle and goes up to $60 for the architectural style. A return on investment of 71.6% is projected.
We are crazy about stone veneer!
Adding veneer to your manufactured home’s exterior is a great project that ranks second among all projects with a cost-value return of 92.2%, behind the steel door replacement.
Stone adds depth and dimension, a plus for any home. Use it as an accent to highlight your home’s best features.
Extravagance is losing favor so kitchen remodels should stay simple and functional. Styles should be neutral so that it appeals to most. Refrain from overly expensive appliances and materials. Minor kitchen remodels returns 79.3%.
Bathrooms are similar to kitchen remodeling projects – you have to stick to neutral, crowd-pleasing updates to get the biggest return on investment.
Simple bathroom remodels get a 70% return on investment.
Adding a deck or covered porch to your manufactured home increases living space and that is a valuable commodity for smaller homes.
Interest.com states that a 16×20 foot wooden deck can cost upwards of $9,500 and adds $8,300 in value, 87.4% of the cost, according to the Remodeling Magazine survey.
New skirting and foundations under your manufactured home can lower heating costs and add appeal. Using brick or stone veneer can reap high rewards in aesthetics and resale value but simple vinyl skirting can be just as effective.
Additions don’t have to be large to make a large impact, a small mudroom or enclosed entryway can add form and function.
The national ROI hovers between 47-54% for bathroom, bedroom, and family room additions. These projects are better suited for those needing to increase living space more than equity.
You can spend a little or a lot on flooring. For manufactured homes, it is best to stay in the medium and under range to get the best value. Don’t remodel yourself out of your biggest target market.
Financial Gains Aren’t Everything
While adding monetary value is an important aspect of remodeling, don’t forget the value it adds to you and your family.
Additional living area, added function, and beautiful spaces are what manufactured home remodeling projects are all about! If the project increases your family’s comfort it should be considered a successful, worthwhile endeavor.
Thank you so much for reading Mobile Home Living!
Images: The home above belongs to Josie A. Grimaldi, a reader of MHL that recently had new skirting installed. Thanks for sharing your beautiful home Josie – can’t wait to see more!