The 34th annual Cost vs Value report (www.costvalue.com), an analysis of 101 US cities on the average cost of doing twenty-two home remodeling projects and the estimated increase in value of their home if they were to sell for 2021, has been published. The top ten highest returns on investment (ROI) this year were curb appeal projects, with a new garage door topping the list (93.8 ROI), stone veneer skirting, energy efficient vinyl windows (70% ROI), new entry door, as well as a minor kitchen remodel, face-lift activities to get a home ready for sale.
With people staying home more and with home equity having increased, 68% more homeowners are doing home remodeling than before the pandemic. Most do home remodeling projects to improve their experience of the home and to facilitate their lifestyle and needs. They are creating a space to work, wanting more storage and creating a more resort-like look and feel.
To explain what some of the projects entailed: a midrange bathroom remodel updates the quality of the materials (porcelain on steel tub, solid surface counter…) keeping the existing layout. A major mid-range kitchen remodel improves the layout to increase the linear feet of countertop and semi-custom cabinet storage, uses energy efficient appliances, and better fixtures, flooring. The master suite addition-midrange includes a large walk-in closet and master bath with walk-in shower and separate tub with a private toilet.
Bath Remodel-Midrange
Major Kitchen Remodel, Midrange
Bath Remodel-Upscale
Master Suite Addition-Midrange
Bathroom Addition-Midrange
$24,424
$75,571
$72,537
$147,740
$53,462
60%
57%
55%
54%
53%
No return on investment will be 100%, but rather, think in terms that the future buyer paid for a large portion of it, even more than half while you got to enjoy it hopefully for years! With good design putting in the details that sets the home apart, updating the home can still have it look current in 10 years and command a higher selling price.
Happy Home Remodeling!
Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. © 2021 Hanley Wood, LLC.
2020 Cost Value Report
2022 Cost Value Report
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