Remodeling - Cost vs. Value
Cost vs. Value Report 2006
What's the payback for remodeling? Remodeling Magazine's annual report compares construction cost with resale value for 25 common remodeling projects in 60 U.S. markets.
The 19th annual Cost vs. Value Report shows that prices continue to climb for most remodeling projects at the same time the value of improvements at resale returns to 2002 levels. None of this should come as much of a surprise to industry professionals, who have been riding the crest of the remodeling boom for several years, and this year's data confirm the housing slowdown many parts of the country are experiencing. Should you be worried? That depends on how fast and how far the housing market falls, but remember that both new construction and remodeling activity have been at record levels in recent years. Some adjustment is inevitable, but indications are that the current downturn represents a return to "normal" levels and that the prospects for remodeling remain bright.
Here are the Pacific Regional Figures
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Project |
Job Cost |
Resale Value |
% Cost Recouped |
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Mid-Range |
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Attic Bedroom Remodel |
$52,583 |
$51,698 |
98.3% |
|
Basement Remodel |
$66,861 |
$62,004 |
92.7% |
|
Bathroom Addition |
$34,311 |
$31,195 |
90.9% |
|
Bathroom Remodel |
$14,889 |
$15,361 |
103.2% |
|
Deck Addition |
$16,297 |
$14,846 |
91.1% |
|
Family Room Addition |
$88,371 |
$72,247 |
81.8% |
|
Home Office Remodel |
$22,385 |
$17,403 |
77.7% |
|
Major Kitchen Remodel |
$59,716 |
$58,004 |
97.1% |
|
Master Suite Addition |
$111,157 |
$95,916 |
86.3% |
|
Minor Kitchen Remodel |
$19,366 |
$20,614 |
106.4% |
|
Roofing Replacement |
$17,060 |
$15,160 |
88.9% |
|
Siding Replacement (vinyl) |
$11,173 |
$9,919 |
88.8% |
|
Sunroom Addition |
$55,813 |
$39,412 |
70.6% |
|
Two-Story Addition |
$122,085 |
$123,969 |
101.5% |
|
Window Replacement (wood) |
$12,684 |
$12,963 |
102.2% |
|
Window Replacement (vinyl) |
$11,768 |
$11,338 |
96.4% |
|
Upscale |
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Bathroom Addition |
$68,852 |
$59,355 |
86.2% |
|
Bathroom Remodel |
$43,050 |
$40,938 |
95.1% |
|
Major Kitchen Remodel |
$115,549 |
$103,798 |
89.8% |
|
Master Suite Addition |
$199,312 |
$166,000 |
83.3% |
|
Roofing Replacement |
$28,884 |
$24,526 |
84.9% |
|
Siding Replacement (fiber cement) |
$13,539 |
$13,783 |
101.8% |
|
Siding Replacement (foam-backed vinyl) |
$13,544 |
$11,790 |
87.1% |
|
Window Replacement (wood) |
$19,022 |
$18,877 |
99.2% |
|
Window Replacement (vinyl) |
$15,200 |
$14,679 |
96.6 |
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