After falling for three years in 2010-2012, the value of remodeling increased in 2014 for the second year in a row. Nationwide, the cost to value ratio stands at 66.1% with the largest annual increase since 2005, when the ratio reached its high point of 86.7%.
In the Twin Cities, a minor kitchen remodel showed the highest gain in recouped cost at time of sale over last year, up 48.3%... follwed by wood replacement windows, up 41.7% and home office remodel at 34.5%
Perhaps in response to the many large storms in recent years, a back-up power generator showed an increase in ROI over last year of 33.2%. Bathroom additions showed the next highest jump over year, at 29.0% to 32.3%.
Average increase in resale value for Twin Cities improvement projects jumped almost 10% in 2014, up from 58% in 2013 to 67.1% in 2014.
See average job costs and percent of cost recouped at time of sale for 35 top projects below.
MINNEAPOLIS-ST. PAUL Remodeling ROI - Cost vs Value 2014
- UPSCALE window replacement (wood) - $18,109 - 85.7%
- UPSCALE siding replacement (fiber-cement) - $16,092 - 85.0%
- UPSCALE garage door replacement - $3,078 - 80.2%
- Window replacement (wood) - $12,396 - 78.2%
- Deck addition (wood) - $11,788 - 76.2%
- Minor kitchen remodel - $21,899 - 76.1%
- Basement remodel - $76,002 - 75.4%
- Garage door replacement - $1,771 - 7.05%
- Attic bedroom - $59,291 - 74.9%
- UPSCALE siding replacement (foam-backed vinyl) - $16,789 - 73.6%
- UPSCALE window replacement (vinyl) - $14,462 - 73.4%
- Deck addition (composite) - $17,112 - 73.0%
- Entry door replacement (steel) - $1,304 - 72.0%
- Major kitchen remodel - $63,046 - 72.0%
- Window replacement (vinyl) - $11,320 - 71.8%
- Siding replacement (vinyl) - $13,761 - 67.7%
- Two-story addition - $177,291 - 67.5%
- Entry door replacement (fiberglass) - $2,974 - 67.0%
- UPSCALE deck addition (composite) - $40,515 - 66.3%
- Family room addition - $96,434 - 66.1%
- Master suite addition - $123,644 - 65.0%
- UPSCALE grand entrance - $7,736 - 64.1%
- UPSCALE major kitchen remodel - $121,138 - 64.0%
- UPSCALE bathroom addition - $83,191 - 62.2%
- Bathroom remodel - $19,527 - 62.0%
- Garage addition - $56,121 - 62.0%
- UPSCALE garage addition - $93,902 - 59.3%
- UPSCALE bathroom remodel - $57,509 - 57.7%
- Bathroom addition - $45,357 - 57.4%
- UPSCALE master suite addition - $253,995 - 57.0%
- Back-up power generator - $13,128 - 55.4%
- Sunroom addition - $83,857 - 54.2%
- Roofing replacement - $24,811 - 53.8%
- Home office remodel - $32,407 - 49.5%
- UPSCALE roofing replacement - $48,416 - 48.7%
This report is for the Minneapolis-St. Paul metropolitan area. See the complete 2014 Cost vs Value report for the whole country, regionally, or by city... with records going back to 2002.
Sharlene Hensrud, RE/MAX Results - Email - Minneapolis-St. Paul Realtor
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