Home improvement projects this year will continue to add more value to homes, an upward trend that continues, according to Remodeling Magazine’s 2019 Cost Vs. Value report.
However, the cost of these projects has grown, making less of a profit for homeowners. Due to the increasing costs of supplies, project prices have also seen increases. Ultimately, however, the report found that returns are up compared to the 2018 report. This year, the overall cost for home improvement projects was $63,400, with the value for these projects being $37,500, a 66.1% ROI. Last year, the overall cost was $60,000, and the value for these projects was $34,000, for a ROI of 65.8% .
Across the country, outdoor projects gave homeowners a higher ROI. The top project for return on investment for 2019 is again an upscale garage door replacement, at 97.5% , costing $3,611 on average and returning $3,520 on average. Following is a mid-range stone veneer at 94.9% , costing $8,907 and recouping $8,449. Finally, a mid-range minor kitchen remodel at 80.5% , costing $22,507, with a resale value of $18,123.
Nationally, the three projects that offer the least ROI include an upscale master suite addition, which costs $271,470, with a return of $136,820, or 50.4%, followed by a mid-range backyard patio, costing $56,906, recouping $31,430, or 55.2% and an upscale bathroom addition, which costs $87,704, with a resale value of $51,000 or 58.1%.
In the Middle Atlantic section of the U.S., which includes Pennsylvania, New York and New Jersey, the top three projects mirrored the nation’s top three, with comparable prices. The area also had the same three projects with the lowest ROI, making this section of the country pretty average.