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One of the most fascinating of the annual reports that help illustrate the real estate market is Remodeling magazine’s Cost. vs. Value.
The magazine, published by Hanley Wood, estimates the average cost of major and minor remodeling projects nationally and in various regions of the country.
It’s a topic of great interest to homeowners, which is why we included a panel discussion on remodeling at Saturday’s BuilderFest event at the Herald-Tribune.
The remodeling contractors, including Joe Angeleri, John King and Nathan Cross, discussed the considerations homeowners must make in deciding whether to build a new house, sell and buy an existing one, or remodel the one they’ve got.
The Cost vs. Value report helps in the decision-making process.
Some of the most popular remodeling projects are major and minor kitchen cabinet overhauls, bathroom renovations and the addition of family rooms or new master suites.
For example, a major Minneapolis kitchen remodel, on average, costs $62,158 and adds $40,560 to the value of the home. That’s a recoup of 65.5 percent.
Adding a family room can cost nearly $90,000 but return only $62,000, or 69.3 percent, to the value of the house.
But the best return on investment? Adding ceiling insulation. Besides lowering your energy bill, the $1,343 cost adds $1,446 of value, or 107.7 percent.
Other top-performing improvements (80 percent or more) are adding manufactured stone veneer to the front of the house ($7,851 cost, 89.4 percent recoup), a minor kitchen remodel ($20,830 cost, 80.2 percent recouped) and replacing the garage door, especially with one that is storm-resistant ($3,304 cost, 85 percent recouped).
The worst performing remodeling projects on the magazine’s list: adding a backup power generator, adding a bathroom, adding a backyard patio and adding a composite deck, all of which recoup about 54 percent.
You can read the full report online at remodeling.hw.net/cost-vs-value/2017/.
