Remodel Cost vs. Value

The statistics for the 2007 remodel cost vs. value model delineates cost-to-construct benchmarks for a set of common remodeling projects, then estimates how much of that investment will be recovered at resale in today's market.

Arizona 2007 National Averages Job Cost Resale Value Cost Recouped Project Midrange Job Cost Resale Value Cost Recouped $43,868 $34,032 77.6% Attic Bedroom Remodel $46,691 $35,771 76.6% $12,916 $7,311 56.6% Back-Up Power Generator $13,357 $7,748 58% $56,297 $47,167 83.8% Basement Remodel $59,435 $44,661 75.1% $35,480 $24,239 68.3% Bathroom Addition $37,202 $24,553 66% $14,955 $12,289 82.2% Bathroom Remodel $15,789 $12,366 78.3% $10,717 $9,244 86.3% Deck Addition - Wood $10,347 $8,835 85.4% $76,068 $51,781 68.1% Family Room Addition $78,989 $54,148 68.6% $53,270 $37,557 70.5% Garage Addition $53,897 $37,461 69.5% $26,503 $14,601 55.1% Home Office Remodel $27,193 $15,498 57% $53,640 $42,001 78.3% Major Kitchen Remodel $55,503 $43,363 78.1% $94,856 $65,121 68.7% Master Suite Addition $98,863 $68,172 69% $20,634 $17,139 83.1% Minor Kitchen Remodel $21,185 $17,576 83% $15,902 $10,853 68.2% Roofing Replacement $18,042 $12,166 67.4% $10,132 $7,960 78.6% Siding Replacement $9,910 $8,245 83.2% $68,272 $37,240 54.5% Sunroom Addition $69,817 $41,231 59.1% $134,132 $99,632 74.3% Two-Story Addition $139,297 $103,010 73.9% $10,055 $7,665 76.2% Window Replacement - Vinyl $10,448 $8,290 79.3% $10,939 $8,905 81.4% Window Replacement - Wood $11,384 $9,241 81.2%

Arizona Project Upscale National Averages

Job Cost Resale Value Cost Recouped Project Upscale Job Cost Resale Value Cost Recouped $70,523 $48,973 69.4% Bathroom Addition $73,145 $50,442 69% $48,643 $33,154 68.2% Bathroom Remodel $50,590 $34,588 68.4% $14,979 $11,207 74.8% Deck Addition - Composite $15,039 $11,672 77.6% $79,958 $52,165 65.2% Garage Addition $82,108 $53,056 64.6% $107,346 $81,473 75.9% Major Kitchen Remodel $109,394 $81,096 74.1% $214,822 $143,114 66.6% Master Suite Addition $220,149 $141,120 64.1% $28,068 $19,639 70% Roofing Replacement (steel) $33,151 $21,769 65.7% $13,114 $10,834 82.6% Siding Replacement (fiber-cement) $13,212 $11,633 88.1% $12,534 $9,428 75.2% Siding Replacement (foam-backed vinyl) $12,132 $9,668 79.7% $12,813 $10,175 79.4% Window Replacement - Vinyl $13,479 $10,913 81% $16,871 $13,578 80.5% Window Replacement - Wood $17,383 $13,784 79.3%

What the Numbers Mean

In a typical real estate transaction, the "cost recouped" for a given remodeling project depends on a variety of unpredictable factors, many of which are more important than the construction cost. These factors include the condition of the rest of the house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. A home's urban, suburban, or rural setting also affects its value, as does the availability and cost of new and existing homes in the immediate vicinity.

Where resale value is a major factor in a homeowner's decision to remodel, the best course of action is to consult with a local remodeler about construction cost, and ask an experienced Realtor about home prices in the neighborhood.

Remodel Cost versus Value Data Resource:  HomeTech Information Systems

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