The 34th Annual Cost vs. Value Report, an analysis of 101 U.S. cities on the average cost of doing 22 home remodeling projects and the estimated increase in value of their home if they were to sell for 2021, has been published. The top 10 highest Returns On Investment (ROI) this year were curb appeal projects, with a new garage door topping the list (93.8 ROI), stone veneer skirting, energy efficient vinyl windows (70% ROI), new entry door, as well as a minor kitchen remodel, face-lift activities to get a home ready for sale.
With people staying home more and with home equity having increased, 68% more homeowners are doing home remodeling than before the pandemic. Most do home remodeling projects to improve their experience of the home and to facilitate their lifestyle and needs. They are creating a space to work, wanting more storage and creating a more resort-like look and feel.
To explain what some of the projects entailed: A midrange bathroom remodel updates the quality of the materials (porcelain on steel tub, solid surface counter), keeping the existing layout. A major midrange kitchen remodel improves the layout to increase the linear feet of countertop and semi-custom cabinet storage, and uses energy-efficient appliances and better fixtures and flooring. The master suite addition midrange includes a large, walk-in closet and master bath with walk-in shower and separate tub with a private toilet.
Bath Remodel-Midrange: average cost $24,424, return on investment 60%
Bath Remodel-Universal: average cost $38,813, return on investment 58%
Major Kitchen Remodel-Midrange: average cost $75,571, return on investment 57%
Bath Remodel-Upscale: average cost $72,537, return on investment 55%
Master Suite Addition-Midrange: average cost $147,740, return on investment 54%
Bathroom Addition–Midrange: average cost $53,462, return on investment 53%
No return on investment will be 100% but, rather, think in terms that the future buyer paid for a large portion of it, even more than half, while you got to enjoy it, hopefully, for years! With good design putting in the details that sets the home apart, updating the home can still have it look current in 10 years and command a higher selling price.
Happy Hanukkah! Merry Christmas!
Happy Home Remodeling!
Janet Cook, certified aging in place specialist, president of Cook Remodeling (celebrating their 42nd year), invites you to check out their website for photos and more ideas.