Musings from a life of chances and changes
Thanks to Remodeling Magazine it's time for 2019 home return on investment statistics. Keep in mind that costs to remodel have increased, but the percentages still show a positive return on a variety of projects. Where will you gain the most significant ROI? Exterior updates reign supreme. Just look at the ROI for a new garage door and see that you'll get almost 100% of your investment back when you sell your home. Obviously, homebuyers who are not impressed by the outside of your home will be less interested in buying before they walk through the front door. First impressions are key to selling. Here for your inspiration are remodeling projects and the statistics to see whether you can recoup your expenses.
2019 NATIONAL AVERAGES
National Cost vs. Value Averages
M = MIDRANGE PROJECT | U = UPSCALE PROJECT
PROJECT JOB COST RESALE VALUE COST RECOUPED
Minor Kitchen Remodel - M $22,507 $18,123 80.5%
Major Kitchen Remodel - M $66,196 $41,133 62.1%
Major Kitchen Remodel - U $131,510 $78,524 59.7%
Bathroom Addition - M $47,40 $28,726 60.6%
Bathroom Addition - U $87,700 $51,000 58.1%
Bathroom Remodel - M $20,420 $13,717 67.2%
Bathroom Remodel - U $64,74 $38,952 60.2%
Universal Design Bathroom - M $33,374 $20,868 62.5%
Deck Addition (Composite) - M $19,150 $13,232 69.1%
Deck Addition (Wood) - M $13,333 $10,083 75.6%
Midrange Backyard Patio- M $56,906 $31,430 55.2%
Manufactured Stone Veneer-M $8,907 $8,449 94.9%
Master Suite Addition - M $130,98 $77,785 59.4%
Upscale Master Suite Addition -U $271,470 $136,820 50.4%
Siding Replacement - M $16,036 $12,119 75.6%
Grand Entrance (Fiberglass)-U $8,994 $6,469 71.9%
Window Replacement (Wood) - U $20,526 $14,530 70.8%
Window Replacement (Vinyl) - U $16,802 $12,332 73.4%
Entry Door Replacement (Steel)-M $1,826 $1,368 74.9%
Garage Door Replacement- U $3,611 $3,520 97.5%
Roofing Replacement (Asphalt)-M $22,636 $15,427 68.2%
Roofing Replacement (Metal) - M $38,600 $23,526 60.9%
When you're ready to sell your home, please get a Realtor's objective opinion. You may be overwhelmed and think that your house won't sell unless you tackle certain projects. You may think you can't afford to correct the flaws you see in your home. A Realtor knows what buyers expect depending on numerous factors, including your listing price. A Realtor can help stage your home to make the most of its best features. Acknowledge your need for expert advice. With the guidance of a professional, the burden of making the most of your home's curb appeal will be lifted.
Leave a Reply.
Judi Berger is an attorney and real estate broker who is blogging as she begins a new chapter in her life.