Last Updated on May 10, 2024
The 37th annual Cost vs. Value report has just been released and it’s full of good information for those thinking about a minor or major home improvement project in the future.
Exterior projects continue to cost homeowners far less than they’ll spend inside and yield the highest rate of return upon selling. Larger-scale projects like full bathroom remodels, kitchen remodels, or primary suit additions tend to cost homeowners significantly more and return much less on the investment. Read on to learn about the best and worst home improvement projects in terms of ROI.
Top projects with the highest ROI
Steel entry door replacement
Replacing an entry door has always been number one on the list in terms of the best ROI when it comes time to sell. This year, the latest report indicates homeowners who trade their current door for a steel entry door can expect to recoup a whopping 198%! Averaging about $2,300 to make the swap, this is a home improvement worth looking into.
Garage door replacement
Keeping with the trend of exterior improvements with a high ROI, replacing a garage door is very high on the list as well. Averaging homeowners about $4,727 and recovering about 189% when you sell, not only will this project pay for itself, but it will seriously improve your curb appeal.
Stone veneer
Adding a stone veneer yields a high return when you sell your home . Costing just over $10,000 and recovering a 150% return on investment, this is a great curb appeal investment.
Minor kitchen remodel
Moving indoors, a minor kitchen remodel costs an average of $27,336 and recoups about 86.7% upon sale. A minor kitchen remodel includes replacing cabinet door fronts with shaker-style wood panels and drawer fronts and adding new hardware. A new cooktop/oven range and slide-in refrigerator is part of this project, as are replacing laminate countertops and installing a new sink and faucet. New RVP flooring and painting walls, trim, and ceilings are also included in this cost.
Deck addition
With space to enjoy the great outdoors continuing to be high on home-hunters’ wishlists, a deck addition is a great investment, even if you plan on selling soon. The average cost of a 16×20 wood deck runs about $16,000, and you can expect to recover roughly 78% of your investment.
Midrange bathroom remodel
Costing homeowners an average of $24,000, and recouping 70% at the closing table, a midrange bathroom remodel is a project with a fairly good return rate. A midrange bathroom remodel includes the cost of replacing all fixtures, a 30x 60-inch porcelain-on-steel tub with a 4×4-inch ceramic tile surround, a solid-surface vanity counter with an integral sink, and a tile floor.
Projects with the lowest ROI
Major kitchen remodel–upscale
A major kitchen remodel is something everyone dreams of, but most homeowners are shocked to find out this type of project doesn’t necessarily have a good return on investment. Homeowners can expect to spend about $155,000 and recover only 34% when they sell. Included in the cost of a major kitchen remodel is updating a 200 square foot kitchen with 30 linear feet of top-of-the-line custom white cabinets with built-in sliding shelves and other interior accessories. Stone countertops with imported ceramic or glass-tile backsplash; built-in refrigerator, commercial-grade cooktop and vent hood, wall oven, and built-in microwave unit are also included in this overall cost.
Upscale bathroom remodel
An upscale bathroom remodel can run homeowners nearly $72,000 and only recovers about 42% when the home is sold. Included in the price of this estimate is expanding a smaller bathroom into the existing footprint of the home, a tile shower with frameless glass shower enclosure, a freestanding soaker tub, a stone countertop, and a separate water closet.
Primary addition
Coming in at one of the most expensive things on this list, a primary addition with midrange items costs homeowners an estimated $156,000 and recoups only 31% at closing time.
If this list of remodeling trends inspires you to renovate your own home, sign up for a free home physical! Our real estate experts can walk you through your project and discuss ROI when it comes time to sell.
