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.