Last Updated on August 9, 2022
Aiming to provide homeowners with important knowledge as it relates to making decisions on how to make the best financial decisions when it comes to updating their home, the latest Cost vs. Value report was just released.
Keep reading to learn which improvement projects return the most ROI and what the latest trends are in the remodeling world.
What’s new for 2022 in home improvement
Exterior home improvements continue to drive significant return when it comes time to sell.
Coming in at the best project in terms of return on investment for many, many years now, a garage door replacement yields a 93% ROI when you sell. Typically costing homeowners about $4,041, this is an investment you can be sure of.
Items like siding replacement and window replacement yield 68% and 67% ROI, respectively.
Deck improvements, while still popular, are more expensive than in years prior and return slightly less ROI when you sell.
At an average cost of $19,248 up from $16,766 in 2021, adding a wooden deck, is still a good investment when it comes time to sell, yielding a 65% ROI. Going with composite will cost you a bit more, coming in at about $24,667 and recovering 62% when it comes time to sell.
If you plan to sell soon but still want an updated kitchen, the report shows it’s best to spring for only a minor kitchen update. Costing an average of $28,279 homeowners can usually expect to get about 71% when it comes time to sell.
A minor kitchen update includes replacing old cabinet doors with new shaker-style doors, purchasing new hardware, replacing oven range and refrigerator, replacing laminate or old style countertops for engineered stone, adding new resilient flooring and painting walls, trim and ceiling.
Compared to a major kitchen remodel, which costs about $80,809 and recoups 56%, a minor remodel is best suited to homeowners selling soon or in the next 3-5 years.
A midrange bathroom remodel will cost homeowners an average of $27,164 and return about 59% when the home is sold. This figure is down from 2018, when homeowners could expect to recover around 70%.
With remodeling costs on the increase and ROI on the decline, it makes sense to do a smaller bathroom remodeling project if you plan to sell in the next few years.
Interested to see which other home improvement projects made the list? Find the full report here.