Getting ready to sell and wondering which home improvements will give you the greatest return? Remodeling’s annual Cost vs. Value Report is a great resource for estimates on both the cost and return of common remodeling projects. Doors top the list in our Minneapolis market again this year… both entry doors and upscale garage doors.
In fact an upscale garage door replacement yielded a 112.6% return! The second highest return was for a new steel front entry door, with a return of 93%. These both have to do with curb appeal… before potential buyers even enter your house!
They set the tone for what buyers look for after they enter. When they see a well cared for exterior they will expect that to follow through on the interior and will be more likely to notice the good about your home rather than look for negatives.
The five projects with the 2018 highest return on investment in Minneapolis are: (1) upscale garage door replacement, (2) steel entry door replacement, (3) manufactured stone veneer, (4) wood deck addition, and (5) minor kitchen remodel.
Although return went up in our market this year for both garage and front doors, return dropped for all other projects on their list of 21 top projects. Even though not as good as last year, windows and siding also showed a good return, as well as universal bathroom design as more people think about design for both aging in place and accommodating people of varying physical abilities. Average return on investment for all 21 projects this year was 68.9%, so be careful not to over-improve specifically for resale.
Below is a ranking by return on investment for 21 remodeling projects based on data from the Remodeling 2018 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 68.9% Minneapolis-St. Paul, only slightly higher 69.4% nationwide.
MINNEAPOLIS-ST. PAUL Remodeling ROI – Cost vs Value 2018
- Upscale garage door replacement – $3,591 – 112.6%
- Entry door replacement (steel) – $1,602 – 93.0%
- Manufactured stone veneer – $8,791 – 91.0%
- Deck addition (wood) – $12,735 – 79.9%
- Minor kitchen remodel – $24,351 – 72.7%
- Siding replacement – $17,940 – 70.3%
- Upscale window replacement (vinyl) – $17,398 – 70.3%
- Upscale grand entrance (fiberglass) – $9,060 – 65.5%
- Deck addition (composite) – $20,049 – 59.7%
- Upscale window replacement (wood) – 59.4%
- Universal design bathroom – $20,282 – 56.4%
- Bathroom remodel – $22,723 – 54.3%
- Major kitchen remodel – $71,404 – 54.1%
- Upscale bathroom addition – $95,443 – 50.0%
- Roofing replacement – $27,096 – 48.9%
- Upscale major bathroom remodel – $137,924 – 47.6%
- Bathroom addition – $53,167 – 47.3%
- Master suite addition – $142,555 – 44.6%
- Upscale bathroom remodel – $69,178 – 43.9%
- Upscale master suite addition – $283,651 – 40.1%
- Backyard patio – $63,032 – 39.3%
This report is for the Minneapolis-St. Paul metropolitan area. See the complete 2018 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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