Cost vs. Value: Remodeling Pays Off Big Time
Home improvement projects across the board are giving home owners a greater return on their investment when it comes time to sell.
improvement projects across the board are giving home As existing-home sales and home prices make remarkable strides upward nationwide, remodeling projects are also continuing to make a comeback in a big way.
Remodels That Payoff
The fan favorite was again the steel door entryway. Topping the list last year as well, this project is ideal for clients considering a quick update to the curb appeal of a home. The survey shows that a new steel door, with an average cost of $1,162, will recoup 96.6 percent of the remodeling cost at resale.
Top Projects
If you are considering a home improvement project to boost the quality and appeal of your home, this list of top 10 midrange and upscale projects Cost vs. Value Report will help.
Top 10 Midrange Projects
1. Entry Door Replacement (steel)
Job Cost: $1,162
Resale Value: $1,122
Cost Recouped: 96.6%
2. Deck Addition (wood)
Job Cost: $9,539
Resale Value: $8,334
Cost Recouped: 87.4%
3. Attic Bedroom
Job Cost: $49,438
Resale Value: $41,656
Cost Recouped: 84.3%
4. Garage Door Replacement
Job Cost: $1,534
Resale Value: $1,283
Cost Recouped: 83.7%
5. Minor Kitchen Remodel
Job Cost: $18,856
Resale Value: $15,585
Cost Recouped: 82.7%
6. Window Replacement (wood)
Job Cost: $10,926
Resale Value: $8,662
Cost Recouped: 79.3%
7. Window Replacement (vinyl)
Job Cost: $9,978
Resale Value: $7,857
Cost Recouped: 78.7%
8. Siding Replacement (vinyl)
Job Cost: $11,475
Resale Value: $8,975
Cost Recouped: 78.2%
9. Basement Remodel
Job Cost: $62,834
Resale Value: $48,777
Cost Recouped: 77.6%
10. Deck Addition (composite)
Job Cost: $15,437
Resale Value: $11,476
Cost Recouped: 74.3%
Top 10 Upscale Projects
1. Siding Replacement (fiber-cement)
Job Cost: $13,378
Resale Value: $11,645
Cost Recouped: 87.0%
2. Garage Door Replacement
Job Cost: $2,791
Resale Value: $2,315
Cost Recouped: 82.9%
3. Siding Replacement (foam-backed vinyl)
Job Cost: $14,236
Resale Value: $11,124
Cost Recouped: 78.1%
4. Window Replacement (vinyl)
Job Cost: $13,385
Resale Value: $10,252
Cost Recouped: 76.6%
5. Window Replacement (wood)
Job Cost: $16,798
Resale Value: $12,438
Cost Recouped: 74.0%
6. Grand Entrance (fiberglass)
Job Cost: $7,305
Resale Value: $5,163
Cost Recouped: 70.7%
7. Deck Addition (composite)
Job Cost: $35,158
Resale Value: $22,881
Cost Recouped: 65.1%
8. (tie) Bathroom Remodel
Job Cost: $51,374
Resale Value: $32,660
Cost Recouped: 63.6%
(tie) Major Kitchen Remodel
Job Cost: $109,935
Resale Value: $69,973
Cost Recouped: 63.6%
9. Roofing Replacement
Job Cost: $34,495
Resale Value: $21,731
Cost Recouped: 63.0%
10. Bathroom Addition
Job Cost: $72,538
Resale Value: $43,936
Cost Recouped: 60.6%
The data used in the Cost vs. Value Report was collected with the help of REALTOR® Magazine in an online survey.