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October 25, 2014

2011-12 Cost vs. Value: Big-Bang Remodeling Projects

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2011-12 Cost vs. Value: Big-Bang Remodeling Projects

Find out which remodeling projects will provide the biggest bang for your buck this year, according to Remodeling magazine.

Optimizing the use of space in a home will not only attract buyers but also give sellers more bang for their buck, according to Remodeling’s “2011–12 Cost vs. Value Report,” conducted in cooperation with REALTOR® Magazine and NAR’s HouseLogic.com.

An attic bedroom addition costing $50,148 was expected to recoup 72.5 percent of the cost nationally—inching up 0.3 percent from the 2010–11 report. The minor kitchen remodel also fared well, returning an estimated 72.1 percent of the nearly $20,000 job cost.

The report looks at the estimated cost and expected resale return of 35 midrange and upscale remodeling projects in 80 markets.  The estimated costs and returns were derived from a survey of more than 3,000 REALTORS® conducted last summer. As in past years, REALTORS® picked exterior projects to recoup the most at resale. Among those, new fiber-cement siding was expected to provide the highest return, recouping an estimated 78 percent of the $13,461 cost.

Top 6 Returns

Siding Replacement (upscale) - fiber-cement     
Job Cost: $13,461
Resale Value: $10,493
Cost Recouped: 78%

Entry Door Replacement - steel    
Job Cost: $1,238
Resale Value: $903
Cost Recouped: 73%

Attic Bedroom Addition              
Job Cost: $50,148
Resale Value: $36,346
Cost Recouped: 72.5%

Kitchen: Minor Remodel             
Job Cost: $19,588
Resale Value: $14,120
Cost Recouped: 72.1%

Garage Door Replacement              
Job Cost: $1,512
Resale Value: $1,087
Cost Recouped: 71.9%

Garage Door Replacement (upscale)               
Job Cost: $2,994
Resale Value: $2,129
Cost Recouped: 71.1%

Remodeling’s2011-12 Cost vs. Value Report ©2011 by Hanley Wood, LLC. Republication or redissemination of the Report is expressly prohibited without written permission of Hanley Wood, LLC.“Cost vs. Value” is a registered trademark of Hanley Wood, LLC.Visit www.costvsvalue.com for information on all 35 projects. There, you can also download a free PDF providing information on average cost and resale value nationally, regionally, and in a specific market. Estimates for construction costs were compiled by HomeTech Publishing.

Visit HouseLogic.com for great remodeling and home maintenance advice.

 



REALTOR® Magazine’s Home & Design lists are sponsored by Lowe’s, a REALTOR Benefits® Partner.  The Lowe’s Program for REALTORS® is free for NAR members and offers personal marketing tools from Lowe’s through its partnership in NAR’s REALTOR Benefits® Program.  For more information, please visit www.lowesREALTORbenefits.com and register today.


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