Remodeling Cost vs. Value

Remodeling Magazine’s “Cost vs Value” report uses figures fathered from survey responses from thousands of Realtors and from RemodelMAX, a publisher of remodeling cost estimating tools.  This effort is coordinated by The Farnsworth Group.

Two takeaways for any homeowner intent on remodeling:

1. All remodeling projects depreciate in value, and;
2. Almost no projects return 100% on the investment

Remodeling projects decline in value over time for a number of reasons; trends change, technology improves, items break, and items wear down.  Projects do not return their costs, and in most cases return far lower than their actual cost.  Some of the projects we hold dear are the ones with the lowest percentage of cost recouped – namely family room additions, bathroom additions, and primary suite additions.

The chart below reflects the costs vs value on common remodeling projects:

Garage Door Replacement  Average Job Cost: $3,611 Resale Value: $3,520 Cost Recouped: 97.5%	Siding Replacement Average Job Cost: $16,036 Resale Value: $12,119 Cost Recouped: 75.6%
Minor/Midrange Kitchen Remodel Average Job Cost: $22,507 Resale Value: $18,123 Cost Recouped: 80.5%	Window Replacement Average Job Cost: $16,802 Resale Value: $12,332 Cost Recouped: 73.4%
Wood Deck Addition Average Job Cost: $13,333 Resale Value: $10,083 Cost Recouped: 75.6%	Roof Replacement Average Job Cost: $22,636 Resale Value: $15,427 Cost Recouped: 68.2%
Midrange Bathroom Remodel Average Job Cost: $20,420 Resale Value: $13,717 Cost Recouped: 67.2%	Bathroom Addition Average Job Cost: $47,427 Resale Value: $28,526 Cost Recouped: 60.6%

 

For more information, contact Penny at (206) 618-5123 or email me at Penny@TheOriginalPenny.com.

Serving:  Bainbridge Island, Poulsbo, Silverdale, Kingston, Bremerton, Port Orchard, Port Ludlow and Ocean Shores.