Remodeling 2010-2011 Cost vs. Value Report
(www.costvsvalue.com)
Continued slumping home values pulled the overall cost-to-value ratio down again this year, extending the downward trend that began in 2006. But whether you are buying or selling “First impression matters” These results are still showing us that history is our best teacher and overtime it has taught us that our home is still the most valuable investment most of us have. So how do you get the most “Bang for your Buck” when it comes to supporting, maintaining or increasing your homes’ value?
First of all, there are two types of remodeling projects.
#1. Those we have to do such as:
a. roofing
b. siding
c. window replacement
d. energy conservation
#2 Those we want to do, such as:
a. The need for improved space
b. The need for more space
c. The need for different space
d. The need for just better looking space.
Since Kitchen and Baths are high on everyone’s priority list, let’s take a look at the cost versus value of these projects. The following numbers were compiled by the “Home Tech Information “systems and published by the National Remodelers Council.
A major kitchen remodel would most likely entail structural changes, new cabinets, lighting, flooring, counter tops, plumbing and new appliances.
National Averages Cost Resale Value Cost Recouped
$58,367 $40,126 68.0%
Portland/SW Wa $60,092 $41,474 69.0%
A minor kitchen remodel would most likely be keeping the existing cabinetry, but updating with paint, faux finishes, new knobs, improved lighting, replacing dated counters and flooring. Generally bringing the space up to date and visually pleasing.
National Averages Cost Resale Value Cost Recouped
$21,695 $15,790 72.8%
Portland/SWWA $22,095 $16,802 76.0%
A midrange bathroom remodel:
National Averages Costs Resale Value Cost Recouped
$16,634 $10,668 64.1%
Portland/SWWA Costs Resale Value Cost Recouped
$17,598 $10,067 57.2%
If your thinking of creating more of the luxurious spa atmosphere in your master suite, complete with steam shower, multiple body sprays, dual vanities and radiant floor heating, the returns on an upscale bathroom remodel would be as follows:
National Averages Costs Resale Value Cost Recouped
$53,759 $30,738 57.2%
Portland/SWWA Costs Resale Value Cost Recouped
$56,238 $28,894 51.4%
Savvy homeowners are using this time and information to give them an edge. They are updating their homes, enjoying the new amenities, while building value and sell-ability into their homes.
For a complete list of remodeling projects, go to www.costvsvalue.com
Patti Marvitz, NWSID assoc member
LEED AP (Green Building)
Walls too Windows, LLC
