People planning ahead before doing remodeling projects often contact us about what impact updates will have on resale. A good source for general information is Remodeling’s annual Cost vs. Value report, which gives the average cost and estimated amount recouped at resale for top projects. They revised their list a little, covers 26 projects this year instead of more than 30 with a few new projects included. Average cost has gone up 4.1%, and average percent recouped has gone down 10.6% from last year.
Two of the new projects showed the highest percentage recouped… manufactured stone veneer (97%) and fiberglass attic insulation (95.3%). Windows, entry door and garage door replacement all showed a return of 70% or greater. Thinking about a kitchen remodel? Most people know that kitchens sell, but if you are remodeling for resale keep it in check unless you are also doing a major floor plan renovation… a minor kitchen remodel ($22,775) had a 74.8% return while a major kitchen remodel ($66,986) had a lower return of 59.1%.
 MINNEAPOLIS-ST. PAUL Remodeling ROI – Cost vs Value 2016
- Manufactured stone veneer – $7.520 – 97.0%
- Attic insulation (fiberglass) – $1,351 – 95.3%
- Garage door replacement – $1,890 – 78.5%
- UPSCALE garage door replacement – $3,202 – 78.4%
- Minor kitchen remodel – $22,775 – 74.8%
- Entry door replacement (fiberglass) – $3,255 – 74.4%
- UPSCALE window replacement (vinyl) – $16,039 – 71.0%
- UPSCALE window replacement (wood) – $19,506 – 70.0%
- Siding replacement – $16,742 – 65.3%
- Entry door replacement (steel) – $1,463 – 63.9%
- Basement remodel – $81,048 – 62.8%
- UPSCALE grand entrance (fiberglass) – $8,363 – 62.5%
- Two-story addition – $192,376 – 59.7%
- Major kitchen remodel – $66,986 – $59.1%
- Deck addition (composite) – $18,900 – 58.1%
- Family room addition – $100,860 – 57.4%
- Bathroom remodel – $21,165 – 56.1%
- UPSCALE major kitchen remodel – $129,706 – 56.0%
- Deck addition (wood) – $12,111 – 53.7%
- Roofing replacement – $26,204 – 53.5%
- UPSCALE bathroom remodel – $62,903 – 52.3%
- Master suite addition – $134,643 – 51.4%
- UPSCALE deck addition (composite) – $43,223 – 48.5%
- UPSCALE master suite addition – $269,900 – 47.9%
- UPSCALE bathroom addition – $89,964 – 47.4%
- Bathroom addition – $49,838 – 43.5%
- Back-up power generator – $13,751 – 34.8%
This report is for the Minneapolis-St. Paul metropolitan area. See the complete 2017 Cost vs Value report for the whole country, regionally, or by city… with records going back to 2002.
Sharlene Hensrud, RE/MAX Results –Â Twin Cities Seller’s Realtor
The HomesMSP Team – Sharlene, John, Angela
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