Homeowners who are ready to remodel usually have a budget in mind. Another factor to look at when making upgrades is what you can expect for the project’s ROI. During remodels, not all costs are recouped, but they can add value to your home.
The Cost vs. Value Report compares the average costs for 22 remodeling projects with the value they retained at resale across 101 U.S. markets in 2020.
Take a look at the average costs and resale value before you take on your next project!
|Project||Job Cost||Resale Value||Cost Recouped|
|Manufactured Stone Veneer||$9,357||$8,943||95.6%|
|Garage Door Replacement||$3,695||$3,491||94.5%|
|Minor Kitchen Remodel | Midrange||$23,425||$18,206||77.6%|
|Siding Replacement | Fiber-Cement||$17,008||$13,195||77.6%|
|Siding Replacement | Vinyl||$14,359||$10,731||74.7%|
|Window Replacement | Vinyl||$17,641||$12,761||72.3%|
|Deck Addition | Wood||$14,360||$10,355||72.1%|
|Window Replacement | Wood||$21,495||$14,804||68.9%|
|Entry Door Replacement | Steel||$1,881||$1,294||68.8%|
|Deck Addition | Composite||$19,856||$13,257||66.8%|
|Roofing Replacement | Asphalt Shingles||$24,700||$16,287||65.9%|
|Bath Remodel | Midrange||$21,377||$13,688||64%|
|Bath Remodel | Universal Design||$34,643||$21,463||62%|
|Roofing Replacement | Metal||$40,318||$24,682||61.2%|
|Major Kitchen Remodel | Midrange||$68,490||$40,127||58.6%|
|Master Suite Addition | Midrange||$136,739||$80,029||58.5%|
|Bath Remodel | Upscale||$67,106||$37,995||56.6%|
|Bathroom Addition | Upscale||$91,287||$49,961||54.7%|
|Bathroom Addition | Midrange||$49,598||$26,807||54%|
|Major Kitchen Remodel | Upscale||$135,547||$72,993||53.9%|
|Grand Entrance | Fiberglass||$9,254||$4,930||53.3%|
|Master Suite Addition | Upscale||$282,062||$145,486||51.6%|
As you can see, manufactured stone veneer and new garage doors have the highest resale value, with over 94% of costs recouped for both projects. Other projects that recoup a high percentage of remodeling costs include a minor kitchen remodel, siding replacement, window replacement, and deck addition.
This does not mean that remodeling projects are not worth your time or money. You should also factor in your specific wants and needs and how long you plan to stay in your residence after the remodeling is complete. Once you set your budget and your vision, talk with your contractor about any concerns you may have about the resale value.
What remodeling project are you most likely to take on in the next year? Let us know in the comments!