Of the 29 home projects in Remodeling Magazine’s annual Cost vs. Value Report, for resale purposes, the average return on investment is 64.3 cents to the dollar.
“Greige,” described as Remodeling Magazine as being a mix of gray and beige is THE color this year, thanks to its subtly.
Of the 29 projects in this year’s report, 24 have been monitored since 2011, and have seen an increase of only three-quarters of a penny for resale value since the 2016 report. However, the average cost for these projects increased 3 percent.
The project that gives homeowners the most bang for their buck in resale value is loose-full insulation in an attic, which is the only project that costs less than its’ resale, at 107.7 percent. The average cost is $1,343, while the average resale value is $1,446. A steel door replacement is second, with a 90.7 percent resale value, costing, on average, $1,413, with an average resale value of $1,2,82. A manufactured stone veneer comes in at 89.4 percent in third, costing $7,851 on average, with a resale value of $7,019. Rounding out the top five are the minor kitchen remodel (80.2 percent return on investment) and a garage door replacement (76.9 percent return on investment). Remodeling Magazine pointed out that these projects are generally some of the most inexpensive ones that homeowners can complete.
The projects with the lowest resales include a bathroom addition, which costs, on average, $43,232, but has an average resale value of $23,283 (53.9 percent) a backup power generator, which only has a resale value of 54 percent, from the cost of $12,860 to a resale value of $6,940, and a backyard patio, which costs homeowners an average of $51,985, with a resale value of $28,546, or 54.9 percent. Rounding out the bottom five are the bathroom remodel, which costs, on average, $18,546, but only sees a resale value of $12,024 (64.8 percent) a master suite addition, which costs $119,533 on average, with a resale value of $77,506 (64.8 percent).
In 2017, it is expected that remodeling projects will increase 4.4 percent, and then 3.3 percent in 2018.