Remodeling magazine has released its 2017 report providing homeowners with national average costs of many remodeling projects, as well as expected return on investment. The data do vary by region, but typically the hotter the real estate market, the higher the return on investment; and in case you didn't hear, we are in a fairly hot market area. So, these figures are probably lows for our area.
Some of our typical project requests, along with national average cost and return if the home is sold one year later are:
| Project |
Cost |
Return |
% of Return |
| Deck Addition |
$10,707 |
$7,652 |
71.5% |
| Bath Remodel |
$18,546 |
$12,024 |
64.8% |
| Minor Kitchen Remodel |
$20,830 |
$16,699 |
80.2% |
| Upscale Bath Remodel |
$59,979 |
$35,456 |
59.1% |
| Major Kitchen Remodel |
$62,158 |
$40,560 |
65.3% |
| Master Suite Addition |
$119,533 |
$77,506 |
64.8% |
| Two story Addition |
$176,108 |
$125,222 |
71.1% |
If those numbers aren't impressive to you, think of it this way: How would you feel about dropping a few thousand dollars on a trip to Disney World, knowing you would get 75% of the money back in a year? Looking at strictly return on investment leaves out the enjoyment you'll receive from your new kitchen or bathroom. You may not enjoy it as much as a Disney trip, but you will enjoy it every day!
