Thinking about doing some updates on your home and wondering what investments are most cost-effective when it comes time to resell? Remodeling’s annual Cost vs. Value Report is a great resource for estimates on both the cost and return of common remodeling projects. This year’s numbers show a modest 1% increase in cost over last year and a 3% increase in the amount recouped at time of sale.
The five projects with the highest Twin Cities returns in 2017 are: (1) steel entry door replacement, (2) fiberglass attic insulation, (3) minor kitchen remodel, (4) upscale garage door replacement, and (5) upscale wood window replacement. I guess it shouldn’t come as a surprise that in the north country 4 of the top five have to do with ingress/egress (which relates to energy efficiency) and the other is the kitchen, the room with the most impact in selling your home.
The front entry sets the tone for any home visit, so with a 92.4% return on cost it can be your best investment when you sell your home. Average return on investment for 29 common projects was 64%, however…. so don’t expect to get most of your money back if you do major remodeling shortly before selling. That said, updates can make the difference in how quickly your home sells and for how much… just be careful not to over-improve for your market.
Upscale universal design bathroom is new on the list this year, reflecting a trend for conscious design for aging in place and for accommodating people of all physical abilities.
Below is a ranking by return on investment for 29 remodeling projects based on data from the Remodeling 2017 Cost vs. Value Report. This list reflects data from the Minneapolis-St. Paul area. See their full report for more details and data for other parts of the country. Average return for all projects on the list was 64.0% for Minneapolis-St. Paul, slightly higher 70.3% nationwide.
MINNEAPOLIS-ST. PAUL Remodeling ROI – Cost vs Value 2017
- Entry door replacement (steel) – $1,539 – 92.4%
- Attic insulation (fiberglass) – $1,442 – 88.4%
- Minor kitchen remodel – $23,754 – 81.8%
- UPSCALE Garage door replacement – $3,394 – 77.0%
- UPSCALE window replacement (wood) – $20,247 – 76.5%
- UPSCALE window replacement (vinyl) – $16,729 – 76.3%
- Manufactured stone veneer – $7,896 – 75.8%
- Garage door replacement – $2,009 – 75.5%
- Siding replacement – $17,412 – 69.8%
- Deck addition (wood) – $12,332 – 68.7%
- Two-story addition – $200,648 – 68.1%
- Family room addition – $103,246 – 65.9%
- Basement remodel – $85,100 – 65.5%
- Entry door replacement (fiberglass) – $3,421 – 64.5%
- UPSCALE bathroom addition – $92,663 – 62.3%
- Major kitchen remodel – $68,182 – 62.0%
- Deck addition (composite) – $19,656 – 61.9%
- Bathroom remodel – $21,568 – 59.6%
- Roofing replacement – $26,565 – 58.3%
- UPSCALE major kitchen remodel (upscale major) – $132,619 – 58.1%
- UPSCALE grand entrance (fiberglass) – $8,806 – 55.6%
- UPSCALE master suite addition – $278,000 – 54.5%
- UPSCALE bathroom remodel – $66,495 – 53.8%
- UPSCALE universal design bathroom – $18,961 – 53.4%
- Master suite addition – $139,759 – 51.3%
- UPSCALE deck addition (composite) – $44,995 – 49.5%
- Backyard patio – $59,538 – 46.3%
- Bathroom addition – $51,433 – 45.6%
- Back-up power generator – $14,026 – 36.3%
This report is for the Minneapolis-St. Paul metropolitan area. See the complete 2017 Remodeling Cost vs Value Report for the whole country, regionally, or by major city… with records going back to 2002.
Sharlene Hensrud, RE/MAX Results – Twin Cities Seller’s Realtor
The HomesMSP Team – Sharlene, John, Angela
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