After falling for three years in 2010-2012, the value of remodeling increased in 2014 for the second year in a row. Nationwide, the cost to value ratio stands at 66.1% with the largest annual increase since 2005, when the ratio reached its high point of 86.7%.
In the Twin Cities, a minor kitchen remodel showed the highest gain in recouped cost at time of sale over last year, up 48.3%… follwed by wood replacement windows, up 41.7% and home office remodel at 34.5%
Perhaps in response to the many large storms in recent years, a back-up power generator showed an increase in ROI over last year of 33.2%. Bathroom additions showed the next highest jump over year, up 32.3%.
Average increase in resale value for Twin Cities improvement projects jumped almost 10% in 2014, up from 58% in 2013 to 67.1% in 2014.
See average job costs and percent of cost recouped at time of sale for 35 top projects below.
MINNEAPOLIS-ST. PAUL Remodeling ROI – Cost vs Value 2014
- UPSCALE window replacement (wood) – $18,109 – 85.7%
- UPSCALE siding replacement (fiber-cement) – $16,092 – 85.0%
- UPSCALE garage door replacement – $3,078 – 80.2%
- Window replacement (wood) – $12,396 – 78.2%
- Deck addition (wood) – $11,788 – 76.2%
- Minor kitchen remodel – $21,899 – 76.1%
- Basement remodel – $76,002 – 75.4%
- Garage door replacement – $1,771 – 7.05%
- Attic bedroom – $59,291 – 74.9%
- UPSCALE siding replacement (foam-backed vinyl) – $16,789 – 73.6%
- UPSCALE window replacement (vinyl) – $14,462 – 73.4%
- Deck addition (composite) – $17,112 – 73.0%
- Entry door replacement (steel) – $1,304 – 72.0%
- Major kitchen remodel – $63,046 – 72.0%
- Window replacement (vinyl) – $11,320 – 71.8%
- Siding replacement (vinyl) – $13,761 – 67.7%
- Two-story addition – $177,291 – 67.5%
- Entry door replacement (fiberglass) – $2,974 – 67.0%
- UPSCALE deck addition (composite) – $40,515 – 66.3%
- Family room addition – $96,434 – 66.1%
- Master suite addition – $123,644 – 65.0%
- UPSCALE grand entrance – $7,736 – 64.1%
- UPSCALE major kitchen remodel – $121,138 – 64.0%
- UPSCALE bathroom addition – $83,191 – 62.2%
- Bathroom remodel – $19,527 – 62.0%
- Garage addition – $56,121 – 62.0%
- UPSCALE garage addition – $93,902 – 59.3%
- UPSCALE bathroom remodel – $57,509 – 57.7%
- Bathroom addition – $45,357 – 57.4%
- UPSCALE master suite addition – $253,995 – 57.0%
- Back-up power generator – $13,128 – 55.4%
- Sunroom addition – $83,857 – 54.2%
- Roofing replacement – $24,811 – 53.8%
- Home office remodel – $32,407 – 49.5%
- UPSCALE roofing replacement – $48,416 – 48.7%
This report is for the Minneapolis-St. Paul metropolitan area. See the complete 2014 Cost vs Value report for the whole country, regionally, or by city… with records going back to 2002.
Sharlene Hensrud, RE/MAX Results – Email – Minneapolis-St. Paul Realtor
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