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!