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Two important questions on the minds of most remodeling customers:
How much will my project cost, and will I get most of my money back,
if and when I sell. Across all projects, the share of construction costs
recovered are down (Fall 2008), although the rate of decline has slowed.
That said, remodeling is still a pretty good investment.
When comparing cost estimates for actual projects, remember that
averaging tends to have a leveling effect on "Job Cost". And as always,
seemingly small differences in size, scope, or quality of finishes can
dramatically affect final project cost. It's also important to consider
whether a remodeled space reduces the perceived number of rooms or
available square footage. For example, carving a half-bath out of
unused storage space under a stair case is an obvious gain in usable space.
But converting an existing bedroom into a master bath, while a positive
development in many respects, may reduce the total number of bedrooms.
The "cost recouped" for a given remodeling project depends on a variety
of unpredictable factors, many of which are more important than the
construction cost. These factors include the condition of the rest of the house,
the value of similar homes nearby, and the rate at which property values are
changing in the surrounding area. Finally, local conditions also play a part,
causing "averages" to sometimes appear too high or too low, even when
comparing neighborhoods in the same city.
If resale value is the major factor for your decision to remodel,
please feel free to ask about home prices in your area. As an
experienced Realtor, I'd be happy to discuss your remodeling
"projects cost" vs. "the recouped" cost in your neighborhood.
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Below are both National & Local "cost vs. value" for 2007 remodeling projects (averages). Local * Midrange National Midrange Job Resale Cost Job Resale Cost $60,436 $39,431 65.2% Basement $61,011 $44,467 72.9% Basement Remodel $37,567 $20,681 55.0% Bathroom $38,078 $24,187 63.5% Bathroom $15,753 $10,211 64.8% Bathroom $15,899 $11,857 74.6% Bathroom $10,378 $7,902 76.1% Wood $10,601 $8,676 81.8% Wood $28,054 $14,224 50.7% Home $28,094 $15,329 54.6% Home $56,307 $40,94 72.7% Major $56,611 $43,030 76.0% Major Kitchen $21,185 $15,528 73.3% Minor Kitchen $21,246 $16,881 79.5% Minor Kitchen $10,027 $7,449 74.3% Vinyl Siding Replacement $10,256 $8,274 80.7% Vinyl Siding Replacement $10,519 $7,42 70.6% Vinyl $10,537 $8,132 77.2% Vinyl $11,519 $8,246 71.6% Wood $11,512 $8,946 77.7% Wood Window Upscale Upscale $73,660 $44,525 60.4% Bathroom $74,325 $49,100 66.1% Bathroom $51,057 $33,423 65.5% Bathroom $51,455 $36,400 70.7% Bathroom $37,252 $22,084 60.0% Composite $37,498 $23,706 63.2% Composite $110,386 $72,804 66.0% Major $110,964 $78,398 70.7% Major $12,277 $9,080 74.0% Siding $12,528 $10,074 80.4% Siding $13,256 $10,591 79.9% Siding $13,177 $11,424 86.7% Siding $13,545 $9,813 72.4% Vinyl $13,608 $10,781 79.2% Vinyl $17,548 $12,051 68.7% Wood $17,580 $13,455 76.5% Wood
Projects
Projects
Cost
Value
Recouped
Cost
Value
Recouped
Remodel
Addition
Addition
Remodel
Remodel
Deck
Deck
Office
Remodel
Office
Remodel
Kitchen
Remodel
Remodel
Remodel
Remodel
Window
Replacement
Window
Replacement
Window
Replacement
Replacement
Projects
Project
Addition
Addition
Remodel
Remodel
Deck
Deck
Kitchen
'Remodel
Kitchen
Remodel
Replacement
Replacement
Replacement
(fiber-cement)
Replacement
(fiber-cement)
Window
Replacement
Window
Replacement
Window
Replacement
Window
Replacement
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