Remodeling 2019 Cost vs. Value Report

If you are wondering which update or upgrade to do for 2019, you may want to check out some interesting statistics from Remodeling Magazine! They just released their “Cost Vs. Value Report” highlighting the home improvement projects that deliver the highest return on investment (ROI).

 

But I have a problem with this data!

 

As with any Study- I like to look at the source and see how the results were actually determined. As a real estate agent, we are provided with so many Statistics but is this really the best information to provide for our clients? Read on to see what I mean..

 

Who provides the data? You may ask, if you are curious like me and want to understand the source. The data was collected from real estate professionals via an online survey conducted by Hanley Wood and calculated by RemodelMax’s popular estimating software, Clear Estimates. The results are based on generic projects and doesn’t take into account highly-personalized projects, custom materials, and short fluctuations in local pricing.

 

So, do I feel like the “Cost Vs. Value Report” is a good resource for helping homeowners to determine which home improvement projects to prioritize? Yes and No.

 

My problem with these kinds of reports is that their definition of  Midrange and upscale? Or even how the agent provided this info.

Here is what their ROI report says which you can download for yourself here:

The TOP 15 ROI Renovations for Washington DC Area are:

remodeling-stayco-homes_bathroom-remodel

1) Manufactured Stone Veneer

Average Job Cost: $9,477
Resale Value: $9,982
Return on Investment: 105.3%
National Average Cost: $8,907
Return on Investment: 94.9%

garagedoor

2) Garage Door Replacement

Average Job Cost: $3,613
Resale Value: $3,506
Return on Investment: 97.0%
National Average Cost: $3,611
Return on Investment: 97.5%

frontdoor

3) Entry Door Replacement

Average Job Cost: $1,843
Resale Value: $1,544
Return on Investment: 83.8%
National Average Cost: $1,826
Return on Investment: 74.9%

kitchenremodel

4) Minor Kitchen Remodel

Average Job Cost: $22,916
Resale Value: $19,109
Return on Investment: 83.4%
National Average Cost: $22,507
Return on Investment: 80.5%

deck-wood

5) Deck Addition - Wood

Average Job Cost: $13,294
Resale Value: $11,018
Return on Investment: 82.9%
National Average Cost: $13,333
Return on Investment: 75.6%

grandentrance

6) Grand Entrance - Fiberglass

Average Job Cost: $9,112
Resale Value: $7,328
Return on Investment: 80.4%
National Average Cost: $8,994
Return on Investment: 71.9%

siding

7) Siding Replacement

Average Job Cost: $16,576
Resale Value: $13,014
Return on Investment: 78.5%
National Average Cost: $16,036
Return on Investment: 75.6%

vinylwindows

8) Windows Replaced - Vinyl

Average Job Cost: $16,946
Resale Value: $12,967
Return on Investment: 76.5%
National Average Cost: $16,802
Return on Investment: 73.4%

asphalt

9) Roof - Asphalt Shingles

Average Job Cost: $24,647
Resale Value: $17,926
Return on Investment: 72.7%
National Average Cost: $22,636
Return on Investment: 68.2%

compositedeck

10) Deck Addition - Composite

Average Job Cost: $19,342
Resale Value: $13,942
Return on Investment: 72.1%
National Average Cost: $19,150
Return on Investment: 69.1%

woodwindows

11) Windows Replaced - Wood

Average Job Cost: $20,581
Resale Value: $14,838
Return on Investment: 72.1%
National Average Cost: $20,526
Return on Investment: 70.8%

bathroom

12) Bath Remodel - Midrange

Average Job Cost: $20,988
Resale Value: $14,654
Return on Investment: 69.8%
National Average Cost: $20,420
Return on Investment: 67.2%

master

13) Master Suite Addition - Midrange

Average Job Cost: $136,023
Resale Value: $91,985
Return on Investment: 67.6%
National Average Cost: $130,986
Return on Investment: 59.4%

metalroof

14) Roof - Metal

Average Job Cost: $39,351
Resale Value: $25,721
Return on Investment: 65.4%
National Average Cost: $38,600
Return on Investment: 60.9%

kitchenremodel-2

15) Major Kitchen Remodel

Average Job Cost: $67,016
Resale Value: $43,376
Return on Investment: 64.7%
National Average Cost: $66,196
Return on Investment: 62.1%

If you’re considering making improvements to your home and aren’t sure which projects will provide the best ROI, give us a call or chat with us today. We’re happy to provide you with our expert opinion and help you with the sale of your home.

© 2019 Hanley Wood Media Inc. Complete data from the Remodeling - 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com