The Remodeling 2020 Cost Vs. Value report recently came out, and we always love taking a look at the trends and costs recuperated. It compares average costs for 22 remodeling projects and the value these projects retain at resale in 101 markets across the country. Overall, there was a slight downturn in the majority of remodel projects, which indicates there may be less consumer confidence in the economy. If home prices drop, the real estate agents responding to the cost vs. value surveys will typically report a lower value for these projects. However, the report indicates remodel activity still continues to grow, even if it’s at a slower rate.
For the first time this year, a manufactured stone veneer became the number one cost vs. value recuperated (replacing the garage door). Both of these projects resulted in over 90% value recuperated. Notably, the next item to rank on the list was a minor kitchen remodel, which showed a 78% cost recouped. Other top items revolve around exterior siding: fiber cement and vinyl, as well as vinyl window replacements.
Many people wonder about the “big ticket” items, such as kitchens, bathrooms, and master suites. Here are the results: bathroom remodel midrange (64%), major kitchen remodel midrange (59%), master suite addition midrange (59%). Take a look at the charts for further details and results.
The report notes that 9 out of 10 of the top projects are exterior related. It suggests that many real estate agents believe the first impression of the home makes a large impact, especially in getting a potential buyer to see the inside of the home.
This report is based on national averages. Of course, results vary based on location. We would love to talk to you about any remodel projects you’re considering, and how they may impact your home in the La Plata County real estate market. Take a look at the Cost Vs. Value report here: https://www.remodeling.hw.net/cost-vs-value/2020/key-trends-in-the-2020-cost-vs-value-report