Remodeling Magazine has once again released their “Cost Vs. Value Report” highlighting the home improvement projects that deliver the highest return on investment (ROI). The data was collected from real estate professionals via an online survey conducted by Hanley Wood and calculated by RemodelMax’s popular estimating software, Clear Estimates. The results are based on generic projects and doesn’t take into account highly-personalized projects, custom materials, and short fluctuations in local pricing.
The “Cost Vs. Value Report” is a good resource for helping homeowners to determine which home improvement projects to prioritize. Costs will vary depending on the homeowner’s chosen materials and the market in which the home is located, but the report gives a general reference scale of what to expect. Always do your own research before starting a project.
Results for Wilmington, NC, are included in the South-Atlantic Region. They don’t study Wilmington specifically so we use the results for Raleigh, the closest city in North Carolina that’s included. The 10 home improvement projects that we’ve shared below are sorted by the National results.
1. Garage Door Replacement
National Average Cost: $3,611
Return on Investment: 97.5%
Raleigh Average Cost: $3,545
Return on Investment: 60.9%
2. Manufactured Stone Veneer
National Average Cost: $8,907
Return on Investment: 94.9%
Raleigh Average Cost: $8,543
Return on Investment: 71.0%
3. Kitchen Remodel (Minor)
National Average Cost: $22,507
Return on Investment: 80.5%
Raleigh Average Cost: $20,721
Return on Investment: 60.6%
4. Siding Replacement
National Average Cost: $16,036
Return on Investment: 75.6%
Raleigh Average Cost: $14,990
Return on Investment: 60.2%
5. Deck Addition
National Average Cost: $13,333 (Wood)
Return on Investment: 75.6%
Raleigh Average Cost: $11,360
Return on Investment: 55.3%
National Average Cost: $19,150 (Composite – Upscale)
Return on Investment: 69.1%
Raleigh Average Cost: $17,196
Return on Investment: 51.3%
6. Entry Door
National Average Cost: $1,826 (Steel)
Return on Investment: 74.9%
Raleigh Average Cost: $1,706
Return on Investment: 63.9%
7. Window Replacement
National Average Cost: $16,802 (Vinyl)
Return on Investment: 73.4%
Raleigh Average Cost: $15,774
Return on Investment: 63.7%
National Average Cost: $20,526 (Wood)
Return on Investment: 70.8%
Raleigh Average Cost: $19,465
Return on Investment: 56.5%
8. Grand Entrance (Fiberglass – Upscale)
National Average Cost: $8,994
Return on Investment: 71.9%
Raleigh Average Cost: $8,488
Return on Investment: 62.8%
9. Roof Replacement
National Average Cost: $22,636 (Asphalt)
Return on Investment: 68.2%
Raleigh Average Cost: $19,654
Return on Investment: 56.3%
National Average Cost: $38,600 (Metal)
Return on Investment: 60.9%
Raleigh Average Cost: $34,090
Return on Investment: 55.4%
10. Bath Remodel (Midrange)
National Average Cost: $20,420
Return on Investment: 67.2%
Raleigh Average Cost: $18,086
Return on Investment: 48.5%
Download all the stats for Raleigh here. See last year’s stats here.
Return on investment is also determined by the features of similar homes in the neighborhood. A major kitchen remodel with granite and high-end subway tile may not have as high of a return on investment if the other homes have laminate counters and Teflon-coated backsplashes. If you’re considering making improvements to your Wilmington area home and aren’t sure which projects will provide the best ROI, give us a call. We’re happy to provide you some direction.
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