2014 Average Remodeling Costs and Return on Investment

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%

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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%.

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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

  1. UPSCALE window replacement (wood) – $18,109 – 85.7%
  2. UPSCALE siding replacement (fiber-cement) – $16,092 – 85.0%
  3. UPSCALE garage door replacement – $3,078 – 80.2%
  4. Window replacement (wood) – $12,396 – 78.2%
  5. Deck addition (wood) – $11,788 – 76.2%
  6. Minor kitchen remodel – $21,899 – 76.1%
  7. Basement remodel – $76,002 – 75.4%
  8. Garage door replacement – $1,771 – 7.05%
  9. Attic bedroom – $59,291 – 74.9%
  10. UPSCALE siding replacement (foam-backed vinyl) – $16,789 – 73.6%
  11. UPSCALE window replacement (vinyl) – $14,462 – 73.4%
  12. Deck addition (composite) – $17,112 – 73.0%
  13. Entry door replacement (steel) – $1,304 – 72.0%
  14. Major kitchen remodel – $63,046 – 72.0%
  15. Window replacement (vinyl) – $11,320 – 71.8%
  16. Siding replacement (vinyl) – $13,761 – 67.7%
  17. Two-story addition – $177,291 – 67.5%
  18. Entry door replacement (fiberglass) – $2,974 – 67.0%
  19. UPSCALE deck addition (composite) – $40,515 – 66.3%
  20. Family room addition – $96,434 – 66.1%
  21. Master suite addition – $123,644 – 65.0%
  22. UPSCALE grand entrance – $7,736 – 64.1%
  23. UPSCALE major kitchen remodel – $121,138 – 64.0%
  24. UPSCALE bathroom addition – $83,191 – 62.2%
  25. Bathroom remodel – $19,527 – 62.0%
  26. Garage addition – $56,121 – 62.0%
  27. UPSCALE garage addition – $93,902 – 59.3%
  28. UPSCALE bathroom remodel – $57,509 – 57.7%
  29. Bathroom addition – $45,357 – 57.4%
  30. UPSCALE master suite addition – $253,995 – 57.0%
  31. Back-up power generator – $13,128 – 55.4%
  32. Sunroom addition – $83,857 – 54.2%
  33. Roofing replacement – $24,811 – 53.8%
  34. Home office remodel – $32,407 – 49.5%
  35. 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 – EmailMinneapolis-St. Paul Realtor

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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