Cost vs Value 2018 – Which Renovation Projects Yield the Best Returns?

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Should you re-do the kitchen? How much more will the house be worth when you finish the basement? Which renovation projects yield the best return on investment (ROI)? I hear these questions all the time. Every year Remodeling Magazine publishes a Cost vs Value report. It describes how much payback you will get on each remodel project that you complete.

If you are budget conscious, but are looking to spend renovation dollars, choose wisely. Very few project will see dollar for dollar back after the sale. Some projects are more valuable for resale than others. Hire licensed professionals and vet them carefully. Forget the numbers you see on television. Here are the real numbers for the New York area, and they are changing. Which projects give you back the best bang for your buck?

In New York, the top five projects with the greatest ROI in the report’s “midrange” cost category are:

  1. Manufactured Stone Veneer (118.6% ROI)
    Average Cost: $8,949
    Average Resale Value: $10,615
  2. Entry Door Replacement (steel) (97.7% ROI)
    Average Cost: $
    1,685
    Average Resale Value: $
    1,646
  3. Deck Addition (wood) (97.0% ROI)
    Average Cost: $
    14,381
    Average Resale Value: $
    13,948
  4. Siding Replacement (93.0%ROI)
    Average Cost: $
    19,055
    Average Resale Value: $
    17,719
  5. Deck Addition (composite) (86.6% ROI)
    Average Cost: $
    21,118
    Average Resale Value: $
    18,289

 

The top five projects with the greatest ROI in the report’s “upscale” cost category are:

  1. Garage Door Replacement (114% ROI)
    Average Cost: $
    3,955
    Average Resale Value: $
    4,509
  2. Window Replacement (vinyl) (96.3%ROI)
    Average Cost: $
    17,756
    Average Resale Value: $
    17,104
  3. Grand Entrance (fiberglass) (90% ROI)
    Average Cost: $
    9,289
    Average Resale Value: $
    8,364
  4. Window Replacement (wood) (87.2% ROI)
    Average Cost: $
    21,768
    Average Resale Value: $
    18,989
  5. Bathroom Remodel (67.5% ROI)
    Average Cost: $
    76,146
    Average Resale Value: $
    51,401

 

The midrange projects with the LOWEST return on investment include Backyard Patio (50.1%), Bathroom Addition (59.7%), Major Kitchen Remodel (61.8%), and Master Suite Addition (61.7%).  Check the report here.   If you need assistance… AskHollingsworth.

 

image Source: http://www.remodeling.hw.net