It’s no secret that remodeling a home can be a major expense. The good news is, some remodeling projects retain their value better than others. Not all projects are created equal.
Remodeling magazine recently released its 2019 Cost vs. ROI report, detailing the cost of projects versus the value the remodel retains. A big factor in the return on investment for projects is the cost of materials. When the cost for materials for outdoor projects spiked, the return on investment for outdoor remodels, like backyard patios, went down.
Large-scale indoor remodels, however, didn’t take as much of a hit because those projects rely more on labor costs than material costs. Think more like a real estate professional—focus on how much of the cost of the remodel can be recouped to mitigate the initial cost.
Here’s what to focus on for the highest ROI in the mid-range cost category, based on national averages:
- Manufactured Stone Veneer
- Minor Kitchen Remodel
- Wood Deck Addition
- Siding Replacement
- Entry Door Replacement (Steel)
Really evaluate these projects, as they have the lowest ROI in the mid-range cost category:
- Backyard Patio
- Master Suite Addition
- Bathroom Addition
- Metal Roofing Replacement
- Major Kitchen Remodel
Overall, the ROI for remodeling projects is trending downward, continuing the direction from 2018. To see where other remodeling projects land on the list, check out the report.