2020 Home Improvements Cost vs. Value Report

Home Improvement

By Jared Weggeland
Focus Group Florida
Keller Williams Realty
Lakeland, FL

When you are thinking about improving your home to enjoy today and to sell later, it's not a bad idea to understand what updates will bring you the best return on investment (ROI). Here are some of the results from a nationwide survey conducted recently, we hope you enjoy it.

Nationally, here are the 10 projects with the greatest ROI, according to the 2020 Cost vs. Value Report:

Manufactured Stone Veneer (95.6% ROI)
Average Cost: $9,357
Average Resale Value: $8,943

Garage Door Replacement (94.5% ROI)
Average Cost: $3,695
Average Resale Value: $3,491

Minor Kitchen Remodel (Midrange) (77.6% ROI)
Average Cost: $23,452
Average Resale Value: $18,206

Siding Replacement (Fiber-Cement) (77.6% ROI)
Average Cost: $17,008
Average Resale Value: $13,195

Siding Replacement (Vinyl) (74.7% ROI)
Average Cost: $14,359
Average Resale Value: $10,731

Window Replacement (Vinyl) (72.3% ROI)
Average Cost: $17,641
Average Resale Value: $12,761

Deck Addition (Wood) (72.1% ROI)
Average Cost: $14,360
Average Resale Value: $10,355

Window Replacement (Wood) (68.9% ROI)
Average Cost: $21,495
Average Resale Value: $14,804

Entry Door Replacement (Steel) (68.8% ROI)
Average Cost: $1,881
Average Resale Value: $1,294

Deck Addition (Composite) (66.8% ROI)
Average Cost: $19,856
Average Resale Value: $13,257

Nationally—and on the other end of the spectrum—here are the 10 projects with the lowest ROI:

Master Suite Addition (Upscale) (51.6% ROI)
Average Cost: $282,062
Average Resale Value: $145,486

Grand Entrance (Fiberglass) (53.3% ROI)
Average Cost: $9,254
Average Resale Value: $4,930

Major Kitchen Remodel (Upscale) (53.9% ROI)
Average Cost: $135,547
Average Resale Value: $72,993

Bathroom Addition (Midrange) (54% ROI)
Average Cost: $49,598
Average Resale Value: $26,807

Bathroom Addition (Upscale) (54.7% ROI)
Average Cost: $91,287
Average Resale Value: $49,961

Bath Remodel (Upscale) (56.6% ROI)
Average Cost: $67,106
Average Resale Value: $37,995

Master Suite Addition (Midrange) (58.5% ROI)
Average Cost: $136,739
Average Resale Value: $80,029

Major Kitchen Remodel (Midrange) (58.6% ROI)
Average Cost: $68,490
Average Resale Value: $40,127

Roofing Replacement (Metal) (61.2% ROI)
Average Cost: $40,318
Average Resale Value: $24,682

Bathroom Remodel (Universal Design) (62% ROI)
Average Cost: $34,643
Average Resale Value: $21,463

The 2020 Cost vs. Value Report compared the average costs for 22 popular remodeling projects and how much of that value they retained in 101 different U.S. housing markets. View the full report, including project descriptions and city-level data, here.

By the way, who do you know at work or church that we could call today who would like to sell, build or buy a home in Central Florida? We are here to help! Call or text 863-640-2246 or contact us online now!