The Value of Home Remodeling

Find out if a home improvement project is right for you as Can a Renovation Increase the Value of Your Home? Murray Lampert Design, Build, Remodel compare the average costs of popular remodeling projects across the U.S. and their estimated resale value for 2013. NATIONAL AVERAGES MIDRANGE PROJECTS Job Cost Resale Value Cost Recouped UPSCALE PROJECTS Job Cost Resale Value Cost Recouped Attic Bedroom $47,919 $70,969 $50,007 $34,916 72,90% Bathroom Addition $39,730 56.00% Backup Power Generator $11,410 $6,014 52.70% Bathroom Remodel $29,162 58.30% Basement Remodel $61,303 $43,095 70.30% Deck Addition (composite) $34,403 $20,532 59.70% Garage Addition Garage Door Replacement Grand Entrance (fiberglass) Major Kitchen Remodel Bathroom Addition $37,501 $20,569 54.80% $80,511 $44,034 54.70% Bathroom Remodel $15,782 $10,295 65.20% $2,720 $2,046 75.20% Deck Addition (composite) $15,084 Deck Addition (wood) $10,184 67.50% $7,088 $4,528 63.90% $9,327 $7,213 77.30% $107,406 $64,113 59.70% Entry Door Replacement (fiberglass) $2,753 $1,813 65.90% Master Suite Addition $220,086 $114,569 52.10% Entry Door Replacement (steel) $1,137 Family Room Addition $79,006 Garage Addition $48,806 $974 85.60% Roofing Replacement Siding Replacement (fiber-cement) Siding Replacement (foam-backed vinyl) $13,818 $33,880 $19,194 56.70% $50,013 63.30% $13,083 $10,379 79.30% $31,091 63.70% $9,926 71.80% $1,132 $9,295 Garage Door Replacement $1,496 $27,292 75.70% Window Replacement (vinyl) $13,055 Window Replacement (wood) $16,361 71.20% Home Office Remodel $11,911 43.60% $11,194 68.40% Major Kitchen Remodel $53.931 $37,139 68,90% Master Suite Addition $101,873 $64,390 63.20% Minor Kitchen Remodel $18,527 $13,977 75.40% Roofing Replacement $18,488 $11,633 62.90% Siding Replacement (vinyl) $11,192 $8,154 72.90% Sunroom Addition $72.179 $33,529 46,50% Two-Story Addition $152,470 Window Replacement (vinyl) $9,770 $99,674 65.40% $6,961 71.20% Window Replacement (wood) $10,708 $7,852 73.30% REGIONAL AVERAGES East Region MIDRANGE PROJECTS Job Cost Resale Value Cost Recouped UPSCALE PROJECTS Job Cost Resale Value Cost Recouped Attic Bedroom $50,346 $32,924 65.40% Bathroom Addition $73,497.50 $37,259.50 50.70% Backup Power Generator $11,742 $5,586 47.60% Bathroom Remodel $51,353.50 $26,592.00 51.80% Basement Remodel $64,687 $35,342 54.60% Deck Addition (composite) $35,683.00 $19,101.00 53.55% Garage Addition Garage Door Replacement $2,781.00 Grand Entrance (fiberglass) Bathroom Addition $39,221 $18,548 47.30% $83,188.50 $39,686.50 47.75% Bathroom Remodel $16,527 $9,541 57.70% $2,042.00 73.45% Deck Addition (composite) $15,465 $9,596 62.05% $7,185.00 $4,309.00 59.95% Deck Addition (wood) $9,892 $6,787 68.60% Major Kitchen Remodel $110,158.00 $61,478.50 55.85% Entry Door Replacement (fiberglass) $2,788 $1,762 63.20% Master Suite Addition $227,770.00 $107,728.00 47.35% $19,302.00 Entry Door Replacement (steel) $1,160 Family Room Addition $83,397 Garage Addition $977 Roofing Replacement $37,453.00 $13,561.00 84.30% 51.50% $47,716 57.20% Siding Replacement (fiber-cement) Siding Replacement (foam-backed vinyl) $10,246.50 75.60% $50,757 $29,181 57.50% $14,298.00 $10,105.50 70.65% Garage Door Replacement $1,540 $1,129 73.35% $8,958.00 Window Replacement (vinyl) $13,312.50 Window Replacement (wood) 67.30% Home Office Remodel $28,434 $11,074 38.95% $16,677.00 $10,797.50 64.75% Major Kitchen Remodel $55,861 $35,071 62.80% Master Suite Addition $107,407 $62,778 58.45% Minor Kitchen Remodel $19,233 $13,637 70.95% Roofing Replacement $19,787 $11,680 59.00% Siding Replacement (vinyl) $11,654 $8,454 72.55% Sunroom Addition $74,871 $33,132 44.25% Two-Story Addition $157,803 $98,278 62.30% Window Replacement (vinyl) $10,091 $6,869 68.10% Window Replacement (wood) $11,063 $7,616 68.85% West Region MIDRANGE PROJECTS Job Cost Resale Value Cost Recouped UPSCALE PROJECTS Job Cost Resale Value Cost Recouped Attic Bedroom $51,098.50 $41,669.50 80.65% Bathroom Addition $74,434 $45,158.50 60.15% $11,840.50 $6,434.00 $52,001 Deck Addition (composite) $36,270 Backup Power Generator 53.95% Bathroom Remodel $33,116.50 63.25% Basement Remodel $65,941.50 $53,951.00 81.00% $23,392.50 64.25% Bathroom Addition $39,847.50 $24,886.00 61.70% Garage Addition $84,410 $52,058.00 61.25% Bathroom Remodel $16,815.50 $12,049.00 70.70% Garage Door Replacement $2,794 $2,243.00 79.70% Deck Addition (composite) $15,737.50 $11,671.00 73.65% Grand Entrance (fiberglass) $7,239 $4,998.00 68.65% Deck Addition (wood) $10,056.00 $8,751.50 85.95% Major Kitchen Remodel $111,062 $72,177.50 64.70% Entry Door Replacement (fiberglass) $2,807.50 $2,017.00 71.40% Master Suite Addition $229,694 $128,272.00 55.55% $989.50 $22,041.50 Entry Door Replacement (steel) $1,177.50 Family Room Addition $84,315.00 Garage Addition Garage Door Replacement $1,557.00 83.35% Roofing Replacement $36,245 60.55% $58,684.50 69.00% Siding Replacement (fiber-cement) Siding Replacement (foam-backed vinyl) $13,935 $11,015.00 78.50% $51,244.00 $36,658.50 71.00% $14,799 $10,496.00 70.55% $1,275.50 81.05% Window Replacement (vinyl) $13,449 $10,153.50 75.15% Home Office Remodel $28,826.00 $13,623.00 46.95% Window Replacement (wood) $16,832 $12,491.50 73.80% Major Kitchen Remodel $56,527.50 $42,968.00 75.60% Master Suite Addition $108,291.00 $74,216.50 67.90% Minor Kitchen Remodel $19,471.50 $16,294.00 83.10% Roofing Replacement $19,717.50 Siding Replacement (vinyl) $11,978.00 $13,509.00 67.90% 台 台 $8,676.50 71.95% Sunroom Addition $75,654.00 $35,992,50 821.40% Two-Story Addition $159,738.00 $112,172.00 69.80% Window Replacement (vinyl) $10,223.50 $7,804.50 75.80% Window Replacement (wood) $11,202.50 $9,014.00 79.80% South Region MIDRANGE PROJECTS Job Cost Resale Value Cost Recouped UPSCALE PROJECTS Job Cost Resale Value Cost Recouped Attic Bedroom $45,395.67 $32,150 71% Bathroom Addition $68,237.33 $36,944.67 54% Backup Power Generator $11,048.67 $6,002 55% Bathroom Remodel $48,496.33 $28,069.00 58% Basement Remodel $57,609.67 $40,588 71% Deck Addition (composite) $32,977.00 $20,061.00 61% $18,737 $9,784 Garage Addition Garage Door Replacement Grand Entrance (fiberglass) $6,975.67 Bathroom Addition $35,629.00 53% $77,590.67 $41,970.33 54% Bathroom Remodel $14,954.00 66% $2,656.00 $1,946.67 73% Deck Addition (composite) $14,623.00 $9,956 68% $4,460.67 64% Deck Addition (wood) $8,725.67 $6,895 79% Major Kitchen Remodel $104,474.00 $61,377.33 59% Entry Door Replacement (fiberglass) $2,714.33 $1,718 63% Master Suite Addition $212,365.00 $109,122.00 51% $984 89% Roofing Replacement Siding Replacement (fiber-cement) Entry Door Replacement (steel) $1,110.33 $31,125.00 $17,049.00 55% Family Room Addition $74,598.33 $47,054 63% $12,450.00 $10.115.00 81% Garage Addition $46,914.67 Garage Door Replacement $1,448.33 $29,044 62% $9,701.33 Siding Replacement (foam-backed vinyl) $13,148.00 Window Replacement (vinyl) $12,766.33 Window Replacement (wood) 74% $1,076 74% $8,823.33 69% Home Office Remodel $26,049.33 $11,455 44% $16,004.67 $10,571.00 66% Major Kitchen Remodel $51,822.33 $35,307 68% Master Suite Addition $96,395.00 $60,553 63% Minor Kitchen Remodel $17,754.00 $12,926 73% Roofing Replacement $17,452.00 Siding Replacement (vinyl) $10,620.00 $10,441 60% $7,900 75% Sunroom Addition $69,362.00 $31,352 45% Two-Story Addition $147,080.67 $92,092 63% Window Replacement (vinyl) $9,414.00 $6,518 69% Window Replacement (wood) $10,307.33 $7,359 71% Midwest Region MIDRANGE PROJECTS Job Cost Resale Value Cost Recouped UPSCALE PROJECTS Job Cost Resale Value Cost Recouped Attic Bedroom $51,098.50 $41,669.50 80.65% Bathroom Addition $74,434 $45,158.50 60.15% Backup Power Generator $11,840.50 $6,434.00 53.95% Bathroom Remodel $52,001 $33,116.50 63.25% Basement Remodel $65,941.50 $53,951.00 81.00% Deck Addition (composite) $36,270 $23,392.50 64.25% Garage Addition Garage Door Replacement $2,794 Grand Entrance (fiberglass) Bathroom Addition $39,847.50 $24,886.00 61.70% $84,410 $52,058.00 61.25% Bathroom Remodel $16,815.50 $12,049.00 70.70% $2,243.00 79.70% Deck Addition (composite) $15,737.50 $11,671.00 73.65% $7,239 $4,998.00 68.65% Deck Addition (wood) $10,056.00 $8,751.50 Major Kitchen Remodel Master Suite Addition 85.95% $111,062 $72,177.50 64.70% Entry Door Replacement (fiberglass) $2,807.50 Entry Door Replacement (steel) $1,177.50 Family Room Addition $2,017.00 71.40% $229,694 $128,272.00 55.55% $989.50 83.35% Roofing Replacement $36,245 $22,041.50 60.55% $84,315.00 $58,684.50 69.00% $13,935 ding Replacement (fiber-cement) Siding Replacement (foam-backed vinyl) $14,799 Window Replacement (vinyl) Window Replacement (wood) $11,015.00 78.50% Garage Addition $51,244.00 $36,658.50 71.00% $10,496.00 70.55% Garage Door Replacement $1,557.00 $1,275.50 81.05% $13,449 $10,153.50 75.15% Home Office Remodel $28,826.00 $13,623.00 46.95% $16,832 $12,491.50 73.80% Major Kitchen Remodel $56,527.50 $42,968.00 75.60% Master Suite Addition $108,291.00 $74,216.50 67.90% Minor Kitchen Remodel $19,471.50 $16,294.00 83.10% Roofing Replacement $19,717.50 Siding Replacement (vinyl) $11,978.00 $13,509.00 67.90% $8,676.50 71.95% Sunroom Addition $75,654.00 $35,992.50 821.40% Two-Story Addition $159,738.00 $112,172.00 69.80% $7,804.50 75.80% Window Replacement (vinyl) $10,223.50 Window Replacement (wood) $11,202.50 $9,014.00 79.80% NATIONAL TRENDS SUMMARY $$S 60.6% The 2013 national average cost-value ratio rose to ending a six-year decline. $$$ Lower construction costs are the principal factor in the upturn, especially when measured against stabilizing house values. Despite having the highest construction costs in the country, the Pacific region once again led the nation with an average cost-value ratio of 71.2%, due mainly to strong resale values. The 2013 data show replacement projects gaining more ground than remodeling projects, likely due to their lower cost. Despite markets that are still exhibiting price sensitivity, the cost-value ratio improved nationally for every project in this year's survey and is higher than it was two years ago for both remodeling and replacement projects. MURRAY LAMPERT. DESIGN - BUILD REMODEL Visit us at: www.murraylampert.com | Source: Remodeling Magazine www.remodeling.hw.net/2013/costvsvalue/national.aspx | www.remodeling.hw.net/2013/costvsvalue/article/trends.aspx Designed by: BRIM Agency 台 合 合 合 合 合 仓 合 合 仓 仓 合 台 曲 色