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2011 Remodeling Cost Vs. Value Report

  
  
  


Lauren SzczygielToday's guest blogger is Lauren Szczygiel. Lauren is a graduate of Cazenovia College with a Bachelor of Fine Arts (BFA) in Interior Design. She began work at McClurg Remodeling and Construction Services as an intern. After graduating she was hired as a Project Designer. She is presently preparing to be certified by the National Kitchen and Bath Association and for the National Council of Interior Designers' Qualification. She was promoted to the position of Project Consultant in May 2010.

By Lauren Szczygiel, Project Consultant:

Homeowners I meet with always ask the question “How much is the project going to cost?” While the answer to that question depends on a variety of factors including the homeowners’ preferences, I often refer them to Remodeling Magazine’s Annual Report: “Cost Vs. Value” for the Mid-Atlantic Region. The report provides information about the average cost of 35 popular remodeling projects and the amount a homeowner can expect at resale after making the investment in their home. The report includes project specifications and adjusts costs within geographic regions.

According to Remodeling Magazine’s 2010-2011 Annual Report, different remodeling projects offer a wide range of payback. The tables below compare remodeling costs to resale values in the Middle Atlantic States for both mid-range and upscale remodeling projects ranked by the greatest percentage of payback:

Midrange ProjectAvg. CostResale Value% Cost Recouped
Replace front entry door with steel door $1,279 $1,243 97
Garage door replacement $1,368 $1,061 78
Vinyl siding replacement $11,721 $8,515 73
Wood deck addition $11,205 $7,944 71
Wood window replacement $12,691 $8,822 70
Add an attic bedroom $55,218 $38,394 70
Vinyl replacement windows $11,688 $8,033 69
Minor kitchen remodel $22,325 $15,246 68
Composite deck addition $15,987 $10,212 64
Major kitchen remodel $60,710 $38,214 63
Bathroom remodel $17,683 $10,793 61
Two-story addition $171,895 $104,286 61
Basement remodel $69,106 $40,215 58
Master suite addition $115,030 $66,541 58
Roofing replacement $23,644 $13,482 57
Entry door replacement - fiberglass $3,690 $2,095 57
Family room addition $90,832 $50,631 56
Garage addition $63,785 $34,053 53
Bathroom addition $43,591 $21,150 49
Sunroom addition $78,140 $35,052 45
Backup power generator $15,587 $7,027 45
Home office remodel $29,944 $12,907 43

Upscale ProjectAvg. CostResale Value% Cost Recouped
Fiber cement siding replacement $13,561 $10,547 78
Foam-backed siding replacement $14,320 $10,346 72
Vinyl replacement windows $15,129 $10,585 70
Garage door replacement $3,635 $2,409 66
Wood window replacement $19,026 $12,247 64
Grand entrance - fiberglass $8,015 $4,866 61
Major kitchen remodel $116,763 $64,968 56
Deck addition (composite) $39,540 $21,946 56
Bathroom remodel $56,687 $30,215 53
Roofing replacement $41,967 $22,241 53
Bathroom addition $82,933 $40,181 49
Garage addition $94,725 $45,214 48
Master suite addition $242,623 $115,402 48

This year Remodeling Magazine found that overall construction costs declined nationally by 10.4 percent and resale values dropped by 15.8 percent to levels reported in 2007, reflecting the instability in the housing market.

This report gives consumers some general cost information but consider the three following questions when planning a remodeling project:

  • How long do I plan to own this property? If you're planning to live in the home for less than five years, take on remodeling projects that freshen up the inside of the home and promote curb appeal.
  • How does the value of my home compare to other properties in the area? Generally, a remodeling project that is less than 20 percent of the average resale value in your area can be recouped when your home is sold.
  • What do I gain by remodeling? Many people remodel to enrich their lifestyle and enjoy their home, to them this is the true return on the investment in their property.

Reputable remodeling contractors throughout the nation provide the cost data reported by Remodeling Magazine. The value you can expect to recoup at resale is contingent on what the contractor brings to the table. Price quotes will vary so it is important to consider a contractor’s experience and the materials that will be used for the project. In selecting a contractor, review the portfolio of the builder’s work and ask to visit projects the builder has completed. Recently, I looked at a realtor’s ad for a property in Central New York which noted the home was “remodeled by McClurg” as a selling point.  

I would welcome an opportunity to discuss your project ideas with you or answer your questions. Please contact me at 673-2051 or  laurens@mcclurgteam.com.

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