Each year at this time, Remodeling Magazine publishes its annual “Remodeling 2018 Cost vs. Value Report” on the average cost of 21 popular remodeling and replacement projects and the value each would retained at resale. Not surprisingly, lower-cost curb appeal projects dominated the top 5 list.
The survey said installing an upscale garage door would actually be worth 12.6 prcent more than its $3,591 Minneapolis market cost. A $1602 midrange-quality steel entry door would hold onto 93 percent of its value. Replacing 300 square feet of vinyl siding with manufactured stone veneer around the entry would retain 91% of its $7,996 cost for third place. Number four was adding a $12,735 16×20 pressure treated wood deck at 79.7 percent. The only interior project was fifth-ranked mid-range quality Minor Kitchen Remodel. The report said it would retain 72.7 percent of its $24,351 cost.
According to research by RemodelMAX, 2017 labor and materials costs for a bathroom addition increased the most (6.5 percent) of the 21 projects from 2016. The price of a minor kitchen remodel rose the least at 2.7 percent.
Cost vs. Value Report Data Considerations
The Remodeling Cost vs. Value Report findings are useful for homeowners to get general idea of what projects might cost in the Minneapolis market. And the payback estimates could help them avoid over-improving their homes if they plan to sell in the coming year. However, the authors warn that the data was assembled last summer and fails to take into account significant lumber price increases our market experienced this past fall.
It’s also important to remember that most homeowners remodel to improve their own quality of life at home, not to make a profit off the investment. More importantly, the survey didn’t even try to put a price on the value of a happy spouse, creating an environment that’s a hangout magnet for your children and their friends, or the peace of mind and safety that comes from an accessible bath in retirement. We’d say it’s “priceless.”
Complete data from the Remodeling 2018 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.