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 2019 Cost Vs.Value Report show that Midrange Minor Kitchen Remodels are scoring the highest recoup value, at 78.5% in our local market. Following kitchens, Vinyl Window Replacements and Asphalt Shingle Roofing Replacements ranked second and third respectively.
Here are more details on the top 3 ranked remodeling projects:
#1 Midrange Minor Kitchen Remodel, Average Job Cost: $21,359.
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 at a 78.5% return.
#2 Vinyl Window Replacement, Average Job Cost: $16,285.
New windows will improve the look and efficiency of your home. Replace existing windows energy efficient models and you could save money on your utility bills. Vinyl windows have a recoup value of 76.2%
#3 Asphalt Shingle Roofing Replacement, Average Job Cost: $20,944.
Your roof provides critical protection from the elements and is a prime component of the efficiency (or lack) of your home’s efficiency. Replace your existing roof with asphalt shingles and improve your home’s efficiency and its curb appeal too. An asphalt shingle roofing replacement will bring you a 73.7% return.
If you’ve been thinking about a kitchen remodel, window replacement, or roofing replacement 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.