Trying to get the most bang for your remodeling buck? This is always an important consideration, but becomes especially so if you are planning on selling your home within the next 12 months. The 2018 Remodeling Cost vs. Value Report compares average cost for 21 popular remodeling projects in 149 markets with the value those projects retain at resale in 100 U.S. markets. Check out this year’s trends for the West/Northwest Region, where St. Louis resides, and how they compare to prior years.
2018 Remodeling Cost vs. Value Report
Top 3 Exterior REMODELING PROJECTS
- Stone veneer update: Percentage of Cost Recouped in Resale 82.8%
- Upscale garage door replacement: Percentage of Cost Recouped in Resale 72%
- Deck Addition: Percentage of Cost Recouped in Resale 72.3%
Top 3 Interior REMODELING PROJECTS
- Minor kitchen remodel: Percentage of Cost Recouped in Resale 67.6%
- Universal design bathroom: Percentage of Cost Recouped in Resale 61.2%
- Mid-range bathroom remodel: Percentage of Cost Recouped in Resale 59.2%
Vinyl window replacement rated 69.6%. We note this because it could be considered both and exterior and interior remodeling project.
The average return on investment (ROI) for home improvement projects dipped across the board, with “upscale” projects taking the biggest hit. Remodeling is still far more cost-effective than replacement, but, according to the numbers, replacing is still the way to go. In the 2018 report, there’s a 20-point difference in ROI: 76.1 percent for replacement jobs, versus 56 percent for remodeling.
The lowest recoup on your investment is an outdoor patio addition at 42.2%–surprising considering all the joy it brings. Of course if you plan to be in your home for a long time, you will prioritize your projects based on necessity and comfort, rather than solely on return on investment.
Diving in to the St. Louis Numbers
Again, the information above are averages for the West/Northwest Region. If you would like to see the specific St. Louis numbers, compared to the regional and national averages, feel free to contact us for a report. These can help you make the smartest decisions as you