2017 Average Remodeling Costs and ROI... costs up, return down

By
Real Estate Agent with RE/MAX Results - HomesMSP.com

 

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.

ROI-2017

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 2017

  1. Manufactured stone veneer - $7.520 - 97.0%
  2. Attic insulation (fiberglass) - $1,351 - 95.3%
  3. Garage door replacement - $1,890 - 78.5%
  4. UPSCALE garage door replacement - $3,202 - 78.4%
  5. Minor kitchen remodel - $22,775 - 74.8%
  6. Entry door replacement (fiberglass) - $3,255 - 74.4%
  7. UPSCALE window replacement (vinyl) - $16,039 - 71.0%
  8. UPSCALE window replacement (wood) - $19,506 - 70.0%
  9. Siding replacement - $16,742 - 65.3%
  10. Entry door replacement (steel) - $1,463 - 63.9%
  11. Basement remodel - $81,048 - 62.8%
  12. UPSCALE grand entrance (fiberglass) - $8,363 - 62.5%
  13. Two-story addition - $192,376 - 59.7%
  14. Major kitchen remodel - $66,986 - $59.1%
  15. Deck addition (composite) - $18,900 - 58.1%
  16. Family room addition - $100,860 - 57.4%
  17. Bathroom remodel - $21,165 - 56.1%
  18. UPSCALE major kitchen remodel - $129,706 - 56.0%
  19. Deck addition (wood) - $12,111 - 53.7%
  20. Roofing replacement - $26,204 - 53.5%
  21. UPSCALE bathroom remodel - $62,903 - 52.3%
  22. Master suite addition - $134,643 - 51.4%
  23. UPSCALE deck addition (composite) - $43,223 - 48.5%
  24. UPSCALE master suite addition - $269,900 - 47.9%
  25. UPSCALE bathroom addition - $89,964 - 47.4%
  26. Bathroom addition - $49,838 - 43.5%
  27. 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 -  Twin Cities Seller's Realtor

The HomesMSP Team - SharleneJohnAngela

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Sharlene Hensrud

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