Cost vs Value Report for 2020

Posted

Should you re-do the kitchen? How much more will the house be worth when you finish the basement? Which renovation projects give you 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, and are looking to spend renovation dollars, choose wisely. Very few projects will see dollar for dollar back after the sale. Some projects are more valuable for resale than others. Hire license professionals and vet them carefully. Forget the numbers you’ve seen on television. These are the real numbers for the New York area and they are changing. Which projects give you back the best bang for your buck? Here they are.

In New York, the top five projects with the greatest ROI in the report are:

1.  Garage Door (106.3% ROI)

Average Cost: $3,791

Average Resale Value: $4,031

2.  Manufactured Stone Veneer (89.8% ROI)

Average Cost: $9,589

Average Resale Value: $8,607

3.  Siding Replacement Fiber-Cement (85.5% ROI)

Average Cost: $17,497

Average Resale Value: $14,966

4.  Minor Kitchen Remodel – Midrange (79.7% ROI)

Average Cost: $24,049

Average Resale Value: $19,178

5.  Deck Addition – Wood (77.4% ROI)

Average Cost: $14,491

Average Resale Value: $11,222


The projects with LOWEST ROI were:
1. Grand Entrance of Fiberglass (56%)
2. Master Suite Addition – Upscale (52.9%)
3. Major Kitchen Model – Upscale (52.3%)
4. Bath Addition – Upscale (52.3%)

5. Bath Addition – Midrange (51.0%)

Clearly some of these projects are worthwhile and needed projects to enjoy your home or to entice willing buyers. However they don’t yield as much back as we hoped for. If you need as copy of the full report…AskHollingsworth.