Home renovations can be daunting, but one thing that can help narrow down what needs to be done and what can be passed over is Remodeling magazine’s Cost vs. Value 2020 report.
To come up with the 22-project list, the publication enlisted RemodelMAX. The publisher of estimating tools for remodelers used Clear Estimates’ remodeling software to generate construction cost estimates. Construction cost figures, which were based on generic projects, included material, labor and sub-trade expenses as well as industry-standard overhead and profit.
Each project’s resale value data was collected from estimates furnished by real estate professionals through an online survey conducted by Hanley Wood. Online market research company the Farnsworth Group programmed and hosted the Remodeling Cost vs. Value web-based survey. The company provided consultation, and gathered and organized the data.
In the South Atlantic region, which includes Georgia, Maryland, Virginia, North Carolina, South Carolina, Florida and West Virginia, upgrading the master bedroom will give you the most resale value.
An upscale addition will cost $260,462 but will offer $137,224 resale value. A midrange addition will cost less at $125,508 and resale value will be $74,165. Either way, homeowners will recoup more than 50% of the costs — 52.7% and 59.1%, respectively.
The next best option for resale comes from an upscale major kitchen remodel. By investing $129,555 to modernize the cooking space, homeowners can recoup 53.6% of the costs and get $69,382 resale value.
Rounding out the top five are an upscale bathroom addition and a midrange kitchen remodel. Spending $84,337 on the bathroom addition will lead to 54% of costs recouped, for a resale value of $45,517. Meanwhile, a midrange major kitchen remodeling project will give $38,249 in resale value after investing $65,166, and homeowners will recoup 58.7% of the costs.
The complete list of South Atlantic region home renovations and their resale values is as follows:
- Master suite addition | Upscale – $137,224
- Master suite addition | Midrange – $74,165
- Major kitchen remodel | Upscale -$69,382
- Bathroom addition | Upscale – $45,517
- Major kitchen remodel | Midrange – $38,249
- Bath remodel | Upscale – $36,810
- Bathroom addition | Midrange – $24,433
- Roofing replacement | Metal – $24,286
- Bath remodel | Universal Design – $19,872
- Minor kitchen remodel | Midrange – $16,884
- Roofing replacement | Asphalt Shingles -$15,303
- Window replacement | Wood – $13,702
- Bath remodel | Midrange – $13,130
- Siding replacement | Fiber-Cement- $12,550
- Window replacement | Vinyl -$12,431
- DeckaAddition | Composite – $12,327
- Siding replacement | Vinyl – $10,000
- DeckaAddition | Wood – $9,786
- Manufactured stone veneer – $8,265
- Grand entrance | Fiberglass – $4,705
- Garage door replacement – $3,191
- Entry door replacement | Steel – $1,205