Lower-cost home renovations offer best value – MyCentralJersey.com

Brent Roberts, Appraisal Institute 12:03 a.m. ET April 22, 2017

This beautifully restored Queen Anne Victorian in Plainfield will be on the historic homes holiday tour on Dec. 3. iPad video. Nov. 19, 2016. Pamela MacKenzie/Staff Video

Eatontown - Monmouth University Softball team members Kayla Weisere, Nikki Sandlier, Christine Scherr, and Lauren Saal work on removing old finish from livingroom floors. Volunteers from a variety of groups, including the Asbury Park Press, pitched in during Make A Difference Day to work on the Rose Court Group Home Renovation Project in Eatontown, doing yard work, scrapping down the old wood floors, painting and more. Peter Ackerman/Staff Photographer - difference121027a(Photo: PETER ACKERMAN/STAFF PHOTOGRAPHE)Buy Photo

CHICAGO - The Appraisal Institute, the nations largest professional association of real estate appraisers, advocates that homeowners pursue smaller-scale renovation projects to maximize their potential return on investment.

The latest research shows that home improvements with a relatively low cost are most likely to generate a positive cost-to-value ratio, said Appraisal Institute President Jim Amorin. Spending big dollars on major renovations doesnt necessarily equate to a dollar-for-dollar return. In short: cost doesnt necessarily equal value.

According to Remodeling magazines most recent Cost vs. Value report, the projects with the highest expected return on investment are attic insulation (fiberglass), entry door replacement (steel), manufactured stone veneer and minor kitchen remodel. Other projects with potential payoffs, according to the report, are garage-door replacement and siding replacement.

Amorin encouraged homeowners contemplating renovation projects to compare the planned improvement to whats standard in the community.

Eatontown - Monmouth University Softball team members Kayla Weisere, Nikki Sandlier, Christine Scherr, and Lauren Saal work on removing old finish from livingroom floors. Volunteers from a variety of groups, including the Asbury Park Press, pitched in during Make A Difference Day to work on the Rose Court Group Home Renovation Project in Eatontown, doing yard work, scrapping down the old wood floors, painting and more. Peter Ackerman/Staff Photographer - difference121027a(Photo: PETER ACKERMAN/STAFF PHOTOGRAPHE)

Projects that move a home well beyond community norms are typically not worth the cost when the owner sells the property, Amorin said.

He also noted that homeowners might consider renovations simply for their personal enjoyment. While its nice to gain a solid return on investment, its certainly reasonable for property owners to upgrade just to enhance their quality of life, Amorin said.

For an unbiased analysis of what their home would be worth both before and after an improvement project, a homeowner can work with a qualified real estate appraiser such as a designated member of the Appraisal Institute to conduct a feasibility study.

The Appraisal Institute offers a free, informative brochure titled Remodeling & Rehabbing, which provides consumers with valuable advice on home improvement projects.

Stay connected with the latest news from the Appraisal Institute on Facebook, Twitter, LinkedIn, YouTube and the institute's blog, Opinions of Value.

The Appraisal Institute is a global professional association of real estate appraisers, with nearly 19,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs. Learn more at http://www.appraisalinstitute.org.

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Lower-cost home renovations offer best value - MyCentralJersey.com