The 34th Annual Cost vs Value Report was released in May by the remodeling industry experts at Zonda. For 2021, this highly accurate and valuable report tracks the average cost and resale value of 22 popular remodeling projects across 150 metro areas. With data and methodology honed over more than three decades, the Cost vs. Value Report is an excellent tool for homeowners to gauge an appropriate investment for their home remodeling projects.
Cost vs Value 2021 Data Insights
At the national level, Remodeling magazine says the 2021 Cost vs Value Report shows exterior remodeling projects providing the greatest return on investment (ROI) for homeowners. This is a trend that has continued over several years. Of the 22 projects included in the report, exterior projects take 11 of the top 12 spots when ranked by cost recouped.
“The trend of exterior replacements outperforming larger discretionary remodeling projects has been accelerated, no doubt, by a year in which Covid has made people reluctant to have contractors inside their homes, but yearning to improve outdoor spaces,” says Remodeling Chief Editor Clayton DeKorne.
Window replacement and bathroom remodeling remain popular and lucrative home improvements, according to Cost vs Value 2021 numbers. Of the 12 exterior remodeling projects tracked, vinyl window replacement ranked as the fifth best ROI at 68.6% cost recouped (this also makes vinyl window replacement the fifth best-performing home improvement overall this year). On the interior remodeling side, midrange bathroom remodeling and universal design bathroom remodeling are the second and third best ROI for 2021, showing 60.1% and 57.9% cost recouped, respectively. Only minor kitchen remodels came out ahead for interior projects at 72.2% cost recouped.
Local Cost vs Value Numbers
One of the biggest benefits of the Cost vs. Value report is its local-level data. With 150 markets tracked, users can download reports specific for their area of the country. For 2021, the Cost vs. Value reporting team at Zonda is also introducing ZIP-code level data for a true drill-down on project costs and resale value at a local level.
In Improveit’s Ohio and Kentucky service areas, both vinyl window replacement and bathroom remodeling are, in most cases, outperforming national ROI averages. Nationally, vinyl window replacement has an ROI of 68.6%, whereas Improveit window customers are likely to see an ROI of 69.8%. For bathroom remodeling, Improveit customers’ ROI outpaces the national trend by nearly 6 percentage points. Nationally, midrange bathroom remodels have an ROI of 60.1%, compared with 65.8% for Improveit customers.
While Remodeling notes that supply-chain delays and other Covid-related issues have driven remodeling costs up in 2021, home improvements like window replacement and bathroom remodeling still remain among the best ways to build value in your home. And with the ability to lock in your price for a full year, Improveit gives home remodeling customers a unique opportunity to get the best of both worlds: a great ROI on your project without the worry of prices going up.
Schedule a consultation today to take advantage of our current promotions and lock in your rate!