It’s one of the most appealing parts of home ownership – being able to make all those changes and upgrades to truly put your personal stamp on your home. But what do recent increased in the costs of building materials and labor mean for your remodeling projects? 

An important thought to keep in mind when thinking about making changes is what the return on your investment (ROI) will be? Some improvements can have a big impact on your home’s resale value, while some others, that costs the same amount can have almost no impact on buyers. Below is a breakdown from Remodeling magazine’s newly-released Cost vs. Value Report:

Greatest ROI for median costs:

Manufactured Stone Veneer:

94.9% ROI – Avg. Cost: $8,907 | Avg. Resale Value: $8,449

Minor Kitchen Remodel:

80.5% ROI – Avg. Cost: $22,507 | Avg. Resale Value: $18,123

Deck Addiotion (wood):

75.6% ROI – Avg. Cost $13,333 | Avg. Resale Value: $10,083

Siding Replacement:

75.6% ROI – Avg. Cost: $16,036 | Avg. Resale Value: $12,119

Entry Door Replacement (steel):

74.9% ROI – Avg. Cost: $1,826 | Avg. Resale Value: $1,368

Greatest ROI for higher costs:

Garage Door Replacement:

97.5% ROI – Avg. Cost: $3,611 | Avg. Resale Value: $3,520

Window Replacement (vinyl):

73.4% ROI – Avg. Cost: $16,802 | Avg. Resale Value: $12,332

Grand Entrance (fiberglass):

71.9% ROI – Avg. Cost: $8,994 | Avg. Resale Value: $6,469

Window Replacement (wood):

70.8% ROI – Avg. Cost: $20,526 | Avg. Resale Value: $14,530

Bathroom Remodel:

60.2% ROI | Avg. Cost: $64,743 | Avg. Resale Value: $38,952

Lowest ROI for median costs:

Backyard Patio:

55.2% ROI – Avg Cost: $56,906 | Avg. Resale Value: $31,430

Master Suite Addition:

59.4% ROI – Avg. Cost: $130,986 | Avg. Resale Value: $77,85

Bathroom Addition:

60.6% ROI – Avg. Cost: $$47,427 | Avg. Resale Value: $28,726

Roofing Replacement (metal):

60.9% ROI – Avg. Cost: $38,600 | Avg. Resale Value: $23,526

Major Kitchen Remodel:

62.1% ROI – Avg. Cost: $66,196 | Avg. Resale Value: $41,133

Lowest ROI for higher costs:

Master Suite Addition:

50.4% ROI – Avg. Cost: $271,470 | Avg. Resale Value: $136,820

Bathroom Addition:

58.1% ROI – Avg. Cost: $87,704 | Avg. Resale Value: $51,000

Major Kitchen Remodel:

59.7% ROI – Avg. Cost: $131,510 | Avg. Resale Value: $78,524

Bathroom Remodel:

60.2% ROI – Avg. Cost: $64,743 | Avg. Resale Value: $38,952

Window Replacement (wood):

70.8% ROI – Avg. Cost: $20,526 | Avg. Resale Value: $14,530

The 2019 Cost vs. Value Report surveyed more than 3,200 real estate professionals about returns for 22 popular renovation projects in 136 different US housing markets. Click here for the full report.

Of course, you should also take into account that home improvements like new windows, roof, or major appliances can result in lower monthly utility bills due to energy reduction. There is also the improvement to general day-to-day usefulness of a space that may not be so easy to break down into dollars and sense. 

Have you considered a remodeling project, but aren’t sure what the smart investments are? Let our team help! We have experience with what buyers will find appealing, and would be happy to provide recommendations and contacts for professional trades to make sure your project is done right!