10 Sep Unexpected Surge in Renovation Projects

Posted at 08:00h in Renovations by

Home-improvement spending normally lags during recessions, but COVID-19 sparked an unexpected surge in do-it-yourself renovation and maintenance projects. Many households whose finances held up during the pandemic devoted time and money to making their indoor and outdoor living spaces more functional and comfortable for working, learning, and recreation.

Average project costs and percentages recouped: Manufactured stone veneer is $9,357 with a 96% ROI, garage door replacement is $3,695 with a 95% ROI, minor kitchen remodel is $23,452 with a 78% ROI, fiber cement siding replacement is $17,008 with a 78% ROI, vinyl window replacement is $17,641 with a 72% ROI, wood deck addition is $14,360 with a 72% ROI, steel entry door replacement is $1,881 with a 69% ROI, and a major, mid-range kitchen remodel is $68,490 with a 59% ROI.

Sources: Joint Center for Housing Studies of Harvard University, 2020; 2020 Cost vs. Value Report, Remodeling magazine (national averages)

This information was developed by Broadridge, an independent third party. It is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results.

Prepared by Broadridge Advisor Solutions Copyright 2021.

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