Cost Vs Value Report 2024
Curb appeal projects continue a multi-year trend in extremely high ROI's for homeowners considering remodeling projects or selling their home.
Cost Vs. Value REport 2024
Curb Your EnthusiasmExterior projects still rule the day
If you are going to remodel your home to sell it in the near future, there’s good news in this 2024 Cost. Vs. Value report by Zonda. That is especially true if you are all about curb appeal. Exterior improvement projects lead the way again, with 9 out of the top 10 projects having the highest ROI.
You might say, well what do you expect from a report done by realtors that have a built-in bias for curb appeal improvements. That’s fair, but mid-range bathroom remodels also did well with a minor kitchen remodel at 96% and a mid-range bathroom remodel at 74% cost of recovery.
Download the report for Minneapolis here.
37th annual Cost Vs. Value Report is prepared by the real estate industry
What Does This Cost Vs. Value Report Really Tell You?
“Primarily, it says at the moment of sale here’s what you can expect to get for specific improvement made in your home. However, and this is important, it isn’t an indicator of construction quality, homeowner taste, or the choice of material selected,” explains Ben Murphy, President, Murphy Bros. Design | Build | Remodel.
“Two things for starters. One, the numbers are on the conservative side. First of all, they reflect 2023 projects as the report always covers the previous year. Take into account inflation, geography, and the general subjectivity of what quality of work and materials really means, we suggest adding 10-20% onto the numbers,” says Murphy.
“It is useful as a single measurement of cost recovery over a short time period. It is somewhat useful as an indicator of the future value a remodel can provide. And, from a homeowner’s point of view, it gives you a very rough idea of what things cost today. News flash—it's way more than you were expecting,” concludes Murphy.
Access the 2024 Cost VS. Value Report synopsis here.
