No Comments

Newly Released 2020 Report Ranks Home Improvement Projects with the Highest ROI

When considering a home improvement project, homeowners often grapple with the question of whether the project will be worthwhile when the time comes to sell their home.  Remodeling magazine helps to take away the guesswork with the newly-released Cost vs. Value Report.  The report lists the top home improvement projects with the highest return on investment (ROI).  Of the top 10 projects, nine are outdoor projects.

Once again, Manufactured Stone Veneer tops this year’s 2020 report as the project with the greatest ROI.  It has consistently been at the number one spot since it first made the list in 2015.

The report shows an increase in cost for all 22 projects. However, according to Clay DeKorne, chief editor of the JLC Group, which includes Remodeling magazine, “Remodeling activity is growing at a slower rate than in years past, but it continues to grow.”

Nationally, here are the 10 projects with the greatest ROI, according to the 2020 Cost vs. Value Report:

Manufactured Stone Veneer (95.6% ROI)

  • Average Cost: $9,357
  • Average Resale Value: $8,943

Garage Door Replacement (94.5% ROI)

  • Average Cost: $3,695
  • Average Resale Value: $3,491

Minor Kitchen Remodel (Midrange) (77.6% ROI)

  • Average Cost: $23,452
  • Average Resale Value: $18,206

Siding Replacement (Fiber-Cement) (77.6% ROI)

  • Average Cost: $17,008
  • Average Resale Value: $13,195

Siding Replacement (Vinyl) (74.7% ROI)

  • Average Cost: $14,359
  • Average Resale Value: $10,731

Window Replacement (Vinyl) (72.3% ROI)

  • Average Cost: $17,641
  • Average Resale Value: $12,761

Deck Addition (Wood) (72.1% ROI)

  • Average Cost: $14,360
  • Average Resale Value: $10,355

Window Replacement (Wood) (68.9% ROI)

  • Average Cost: $21,495
  • Average Resale Value: $14,804

Entry Door Replacement (Steel) (68.8% ROI)

  • Average Cost: $1,881
  • Average Resale Value: $1,294

Deck Addition (Composite) (66.8% ROI)

  • Average Cost: $19,856
  • Average Resale Value: $13,257

Nationally—and on the other end of the spectrum—here are the 10 projects with the lowest ROI:

Master Suite Addition (Upscale) (51.6% ROI)

  • Average Cost: $282,062
  • Average Resale Value: $145,486

 Grand Entrance (Fiberglass) (53.3% ROI)

  • Average Cost: $9,254
  • Average Resale Value: $4,930

Major Kitchen Remodel (Upscale) (53.9% ROI)

  • Average Cost: $135,547
  • Average Resale Value: $72,993

Bathroom Addition (Midrange) (54% ROI)

  • Average Cost: $49,598
  • Average Resale Value: $26,807

Bathroom Addition (Upscale) (54.7% ROI)

  • Average Cost: $91,287
  • Average Resale Value: $49,961

Bath Remodel (Upscale) (56.6% ROI)

  • Average Cost: $67,106
  • Average Resale Value: $37,995

 Master Suite Addition (Midrange) (58.5% ROI)

  • Average Cost: $136,739
  • Average Resale Value: $80,029

Major Kitchen Remodel (Midrange) (58.6% ROI)

  • Average Cost: $68,490
  • Average Resale Value: $40,127

Roofing Replacement (Metal) (61.2% ROI)

  • Average Cost: $40,318
  • Average Resale Value: $24,682

Bathroom Remodel (Universal Design) (62% ROI)

  • Average Cost: $34,643
  • Average Resale Value: $21,463

To view the full report, visit https://www.remodeling.hw.net/cost-vs-value/2020/.  

If you are thinking about selling or buying your home, contact Lisa Masys (513-236-8333).  Lisa is your local Madeira expert with Stanley Realty, the only broker based in Madeira.