Every year Remodeling Magazine releases its Cost Vs. Value Report, which provides data on how 22 popular remodeling projects are retaining their value throughout the country. The studies are broken down by geographic area and look at the average cost to complete each project type by a professional remodeler. We study it annually to see which renovations have the top recoup value in the Grand Rapids area. In years past, this report has come out in January, but this year it wasn’t released until last week!
The national findings in the 2021 Cost Vs.Value Report indicates that exterior updates and minor kitchen remodels have the greatest return on investment. This is also the case in the local Grand Rapids market.
Here are more details on the top 5 remodeling projects, the average cost, and recoup value in Grand Rapids:
#1 Manufactured Stone Veneer. Average Job Cost: $9,983.
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 94% recoup value.
#2 Garage Door Replacement, Average Job Cost: $3,852.
Replacing your garage doors will boost curb appeal and safety. An upscale garage door replacement rings in at a 90% return.
#3 Midrange Minor Kitchen Remodel, Average Job Cost: $24,913.
This type of remodel includes replacing existing cabinet door fronts with 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 70.1% return.
#4 Window Replacement, Average Job Cost (Vinyl): $18,872/Average Job Cost (Wood): $22,684.
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. Vinyl windows have a recoup value of 65% and Wood windows have a value of 63.6%.
#5 Fiber Cement Siding Replacement, Average Job Cost: $17,427.
Installing new fiber cement siding is another exterior update that will bring you a 62.8% return on your investment. Your house will look brand new from the outside!
If you’ve been thinking about making exterior updates to your home or a kitchen remodel you can 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.