Weichert Insights: 2018 Remodeling Cost vs. Value Report
Cost vs. Value Report
Remodeling magazine released its annual “Cost vs. Value Report,” which is based on interviews with real estate professionals throughout the country. The report, which reviewed 21 popular remodeling projects and their average resale value one year later, found that garage door replacement has the highest return on investment at 98.3 percent. On the other hand, backyard patio projects only had a 47.6 percent return.
The report also pointed to several ongoing trends. First, replacement jobs are far more likely to provide a larger return on investment than remodeling jobs. In fact, there is a 20-point difference in ROI: 76.1 percent for replacement jobs, versus 56 percent for remodeling projects.
In addition, projects that improve curb appeal still tend to get the most bang for one’s buck. These include manufactured stone veneer, steel entry door replacement, wood deck addition, and siding and window replacements. The projects with the lowest rate of return include a backyard patio, master suite addition, major kitchen remodel and bathroom addition.
Click here to access the “Cost vs. Value” website, where you can download data for all regions of the country.