Builders and remodelers across the country took a hit last summer as the cost of building materials spiked dramatically, and the picture for 2019 isn’t much rosier. The percentage of return on investment (ROI) is projected to trend downward for all the replacement projects listed in Remodeling magazine’s newly-released Cost vs. Value Report.
Larger indoor remodel projects took a hit as well, but weren’t impacted to the same extent as replacement projects as they rely less on material costs and more on labor costs.
Nationally, here are the five projects with the greatest ROI in the report’s mid-range cost category:
Manufactured Stone Veneer (94.9% ROI)
- Average Cost: $8,907
- Average Resale Value: $8,449
Minor Kitchen Remodel (80.5% ROI)
- Average Cost: $22,507
- Average Resale Value: $18,123
Deck Addition (Wood) (75.6% ROI)
- Average Cost: $13,333
- Average Resale Value: $10,083
Siding Replacement (75.6% ROI)
- Average Cost: $16,036
- Average Resale Value: $12,119
Entry Door Replacement (Steel) (74.9% ROI)
- Average Cost: $1,826
- Average Resale Value: $1,368
And the five projects with the greatest ROI in the report’s upscale cost category are:
Garage Door Replacement (97.5% ROI)
- Average Cost: $3,611
- Average Resale Value: $3,520
Window Replacement (Vinyl) (73.4% ROI)
- Average Cost: $16,802
- Average Resale Value: $12,332
Grand Entrance (Fiberglass) (71.9% ROI)
- Average Cost: $8,994
- Average Resale Value: $6,469
Window Replacement (Wood) (70.8% ROI)
- Average Cost: $20,526
- Average Resale Value: $14,530
Bathroom Remodel (60.2% ROI)
- Average Cost: $64,743
- Average Resale Value: $38,952
Nationally—and on the other end of the spectrum—here are the five projects with the lowest ROI in the mid-range cost category:
Backyard Patio (55.2% ROI)
- Average Cost: $56,906
- Average Resale Value: $31,430
Master Suite Addition (59.4% ROI)
- Average Cost: $130,986
- Average Resale Value: $77,785
Bathroom Addition (60.6% ROI)
- Average Cost: $47,427
- Average Resale Value: $28,726
Roofing Replacement (Metal) (60.9% ROI)
- Average Cost: $38,600
- Average Resale Value: $23,526
Major Kitchen Remodel (62.1% ROI)
- Average Cost: $66,196
- Average Resale Value: $41,133
And the five projects with the lowest ROI in the upscale cost category are:
Master Suite Addition (50.4% ROI)
- Average Cost: $271,470
- Average Resale Value: $136,820
Bathroom Addition (58.1% ROI)
- Average Cost: $87,704
- Average Resale Value: $51,000
Major Kitchen Remodel (59.7% ROI)
- Average Cost: $131,510
- Average Resale Value: $78,524
Bathroom Remodel (60.2% ROI)
- Average Cost: $64,743
- Average Resale Value: $38,952
Window Replacement (Wood) (70.8% ROI)
- Average Cost: $20,526
- Average Resale Value: $14,530
The 2019 Cost vs. Value Report surveyed more than 3,200 real estate professionals about returns for 22 popular renovation projects in 136 different U.S. housing markets—up from 100 markets last year. View the full report, including project descriptions and city-level data, here.
Invisible Home Improvements
You can invest significant sums into home maintenance projects like replacing your heating and cooling unit, hot water heater or even your septic system. Unfortunately, even when these features are brand-new, most buyers aren’t willing to pay more for them. Buyers expect functional features like these to simply function, and they don’t feel like they should pay for wear and tear that occurred in the home while you owned it.
On the other hand, if any of these invisible parts of your home aren’t in working order, it will detract big time from your home’s value. Even if you plan to sell soon, you can’t avoid these problems since they will certainly turn up in a home inspection. Go ahead and tackle them, just realize you’re maintaining your home’s value—not adding to it.
However, one update most homeowners would consider a maintenance project actually falls into a gray area of home improvement: a roof replacement. A new roof certainly isn’t a showpiece like a top-to-bottom kitchen renovation, but according to Remodeling.com, it can boost your home’s value. On average, homeowners nationwide can expect to recoup nearly 68% of the $20,939 price tag of a mid range roof replacement project.
Planning Your Project
If you’re planning home improvements or a remodeling project it’s a good idea to talk with an experienced local Realtor before doing so. They can not only assist you in determining which projects make sense, what materials and finishes buyers are interested in and offer the highest return on investment, but also they can refer you to reputable contractors who will do the job right and at the right price. It’s also important to make sure you don’t over improve your home and price yourself out of the community.
If you’re considering a home improvement project give us a call, we’d be happy to offer our professional advise free of charge and to refer you to reputable contractors.
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please give us a call and we’d be happy to assist you!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Downtown Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Galena 43021 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington 43147 Polaris Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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