The 2024 Cost of Remodeling vs Value Return Report

There are several different objectives when choosing to do home remodeling. Often it is to customize the home to the owners’ design taste and to better facilitate their lifestyle. Some are wanting to update their kitchen and bathrooms and have more efficient appliances. Others are wanting to have their home ready to sell in the near future and are more interested in a return on their investment. Remodeling Magazine does an annual survey of Contractors on the costs for 23 home remodeling projects in 150 U.S. Markets, and surveys Realtors on how much each home remodeling project would raise the selling price if the house was put on the market with those improvements.

There are several projects that recoup more than they cost, and have to do with the curb appeal of the home. They are: steel entry door replacement, a garage door replacement, creating a grand fiberglass door entrance, and adding manufactured stone veneer. Simple remodels of keeping the layout and location of appliances the same, and refinishing the current cabinets cost less so the return is more. Making a home more functional, efficient, and updated does cost more so the return is lower, although the return on enjoying the home may be much greater. Here is an excerpt of five popular home remodeling projects as complied in the Remodeling 2024 Cost vs Value Report:*

Project                                     Avg. Cost         Cost Recouped

Minor Kitchen Remodel          $26,672           94.3%
Midrange Bath Remodel         $22,975           82.6%
Major Kitchen Remodel          $76,798           51.9%
Bath Remodel Upscale            $73,176           48%
Major Kitchen Upscale            $149,462         39.1%

Another way to look at the cost of a home remodeling project is considering approximately how much will a future buyer pay for the investment you get to enjoy. The general rule of thumb is a well-designed kitchen or bath can still seem current for about ten years, and many report that the joy of having a kitchen or bath how they want is more than worth it!

For a full list of project costs and recoup of investment compiled by city, region or nationally, the complete data from the Remodeling 2024 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.

*© 2024 Zonda Media, a Delaware Corporation.

Happy Home Remodeling!

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