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Click here to return to previous articlesWhat is the Value in Remodeling?
To say the housing market hasn't been too strong lately might be an understatement. If you have been debating between "move" or "improve", there are myriad sources that can help you evaluate the options.
One such source is Remodeling Magazine. Each year the publication puts out a "Remodeling Cost vs. Value" report that analyzes national statistics for job costs and resale values. They present the findings in a table that is broken down by region and job type to show what percentage of the project cost is recouped.
Below is a look at the findings for eight different projects (in the midrange and upscale levels), taken from the latest study, published in November 2007.
|
East North Central Region |
||
Midrange |
Job Cost |
Resale Value |
Cost Recouped |
Basement remodel |
$62,801 |
$38,398 |
61.1% |
Sunroom addition |
72,276 |
37,833 |
52.3 |
Window replacement (vinyl) |
11,011 |
7,894 |
71.7 |
Window replacement (wood) |
12,146 |
8,758 |
72.1 |
Upscale |
Job Cost |
Resale Value |
Cost Recouped |
Siding replacement (fiber cement) |
$13,404 |
$11,040 |
82.4% |
Siding replacement (foam-backed vinyl) |
12,243 |
9,381 |
76.6 |
Window replacement (vinyl) |
14,289 |
10,212 |
71.5 |
Window replacement (wood) |
18,271 |
12,922 |
70.7 |
Keep in mind that these are averages over a broad region. It's always a wise idea to check with a trusted realtor to get an up-to-date assessment of the home values in your area.
©2007 Hanley Wood, LLC. Reproduced by permission. Complete city data from the Remodeling 2007 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com."
