Remodeling Magazine just came out with their 2014 Cost vs Value Reports for the year and the forecast is looking good for remodelers. These reports can be a valuable tool in deciding on what projects are good investments and the ballpark pricing that these projects will cost.
Some of the biggest trending projects for biggest ROI include finished basements, bathroom remodels and additions and kitchens.
The 2 reports distinguish themselves between a midrange project and a upscale project. If we are looking at a midrange bathroom remodel project, the products are going to be the standard products that can be purchased at Lowes and Home Depot. For example tile, toilets, and in stock bath tubs. Whereas the upscale bathroom project is going to entail more higher end finishes such as granite, custom tile jobs and unique tubs and showers pans.
Personally, my husband and I saw these reports last year and seeing that a basement remodel would give us a 70% ROI gave us the stamp of approval to get er done! Yes there is time and effort and pain in going through any sort of construction but in the end (thank God we are at the end) it is well worth it. We are loving our basement and knowing that when it comes time to sell there will be something in it for us.
| Midrange | 2014 National Averages | |||
|---|---|---|---|---|
| Project | Job Cost | Resale Value | Cost Recouped | |
| Attic Bedroom | $49,438 | $41,656 | 84.3% | |
| Backup Power Generator | $11,742 | $7,922 | 67.5% | |
| Basement Remodel | $62,834 | $48,777 | 77.6% | |
| Bathroom Addition | $38,186 | $22,940 | 60.1% | |
| Bathroom Remodel | $16,128 | $11,688 | 72.5% | |
| Deck Addition (composite) | $15,437 | $11,476 | 74.3% | |
| Deck Addition (wood) | $9,539 | $8,334 | 87.4% | |
| Entry Door Replacement (fiberglass) | $2,822 | $1,997 | 70.8% | |
| Entry Door Replacement (steel) | $1,162 | $1,122 | 96.6% | |
| Family Room Addition | $80,765 | $55,540 | 68.8% | |
| Garage Addition | $49,911 | $34,598 | 69.3% | |
| Garage Door Replacement | $1,534 | $1,283 | 83.7% | |
| Home Office Remodel | $28,000 | $13,697 | 48.9% | |
| Major Kitchen Remodel | $54,909 | $40,732 | 74.2% | |
| Master Suite Addition | $103,844 | $70,121 | 67.5% | |
| Minor Kitchen Remodel | $18,856 | $15,585 | 82.7% | |
| Roofing Replacement | $18,913 | $12,777 | 67.6% | |
| Siding Replacement (vinyl) | $11,475 | $8,975 | 78.2% | |
| Sunroom Addition | $73,546 | $38,011 | 51.7% | |
| Two-Story Addition | $155,365 | $111,579 | 71.8% | |
| Window Replacement (vinyl) | $9,978 | $7,857 | 78.7% | |
| Window Replacement (wood) | $10,926 | $8,662 | 79.3% | |
| Upscale | 2014 National Averages | |||
|---|---|---|---|---|
| Project | Job Cost | Resale Value | Cost Recouped | |
| Bathroom Addition | $72,538 | $43,936 | 60.6% | |
| Bathroom Remodel | $51,374 | $32,660 | 63.6% | |
| Deck Addition (composite) | $35,158 | $22,881 | 65.1% | |
| Garage Addition | $82,311 | $48,065 | 58.4% | |
| Garage Door Replacement | $2,791 | $2,315 | 82.9% | |
| Grand Entrance (fiberglass) | $7,305 | $5,163 | 70.7% | |
| Major Kitchen Remodel | $109,935 | $69,973 | 63.6% | |
| Master Suite Addition | $224,989 | $125,920 | 56.0% | |
| Roofing Replacement | $34,495 | $21,731 | 63.0% | |
| Siding Replacement (fiber-cement) | $13,378 | $11,645 | 87.0% | |
| Siding Replacement (foam-backed vinyl) | $14,236 | $11,124 | 78.1% | |
| Window Replacement (vinyl) | $13,385 | $10,252 | 76.6% | |
| Window Replacement (wood) | $16,798 | $12,438 | 74.0% | |
