Every year Remodeling Magazine releases its Cost Vs. Value Report, which provides data on how 22 popular remodeling projects, ranging from bathroom additions to siding replacement, are retaining their value throughout the country. The studies are broken down by geographic area and are based on professional remodelers completing the renovations. We study it annually to see which projects have the top recoup value in the Grand Rapids area.
The findings in the 20 Cost Vs.Value Report show that adding Manufactured Stone Veneer to your exterior is scoring the highest recoup value, at 92.2% in our local market. Minor Kitchen Remodels, Universal Design Bath Remodels, Window Replacements, and Siding Replacements also ranked high.
Here are more details on the top 5 remodeling projects:
#1 Manufactured Stone Veneer. Average Job Cost: $8,810.
This exterior remodel is great for improving your home's curb appeal. It involves replacing existing vinyl siding with manufactured stone veneer and scored a 92.2% recoup value.
#2 Midrange Minor Kitchen Remodel, Average Job Cost: $22,122.
This type of remodel includes replacing existing cabinet door fronts with a wood shaker-style panels and drawer fronts, adding an energy efficient oven/cooktop and refrigerator, new countertops, new flooring, and a new paint job. A midrange minor kitchen remodel rings in with a 74.6% return.
#3 Universal Design Bath Remodel, Average Job Cost: $32,324.
Remodel your bath to make it more accessible, safe and easy to use by making the following Universal Design updates: add a curbless, no-threshold walk-in shower, widen doorways to 36", add grab bars, install radiant heat flooring, replace existing toilet with a comfort height toilet, install all new lighting, and add sitting-level electrical outlets and switches. Universal Design updates to bathrooms scored a 68.5% recoup value.
#4 Wood Replacement Windows, Average Job Cost: $20,636.
New windows will improve the look and efficiency of your home. Replace existing windows with energy efficient models and you could save money on your utility bills. Wood windows have a recoup value of 65.8% and Vinyl windows have a value of 65.3%.
#5 Fiber Cement Siding Replacement, Average Job Cost: $15,392.
Installing new fiber cement siding is another exterior update that will bring you a 65.4% return on your investment. Your house will look brand new from the outside!
If you’ve been thinking about a kitchen remodel, Universal Design bathroom, window replacement, or exterior remodel you can certainly feel confident about making the investment!
For the full report and complete project, descriptions, you can download the Grand Rapids report by following this link.