Builder Focus: Remodeling Resurgence

2013-11-23T11:45:00Z Builder Focus: Remodeling ResurgenceMichelle Krueger Times Correspondent nwitimes.com
November 23, 2013 11:45 am  • 

With more homeowners looking at projects to update their nest, home remodeling is on the rise.

“In the near term, homeowner spending on improvements is expected to see its strongest growth since the height of the housing boom,” Kermit Baker, director of the Remodeling Futures Program at the Harvard Joint Center for Housing Studies, reported.

The big news, according to the 2013 Cost vs. Value Report, is a bump up in the cost-value ratio due to lower costs and stabilizing home prices. This is the 15th year that Remodeling magazine, in cooperation with REALTOR® Magazine, has published the Cost vs. Value Report. This year, exterior projects dominated the list with six of the top 10 most cost-effective midrange projects and eight of the top 10 upscale projects.

Since more than 80 percent of the existing US housing stock built before 1990, there is a great deal of data that shows homeowners why replacing old, inefficient doors (No. 1 return for a mid-range project/#6 for upscale) and windows (No. 5 and No. 7 return for a mid-range project/No. 4 and No. 5 for upscale) is one of the best ways to increase America’s overall energy efficiency – with the added bonus of saving money and improving comfort at the same time, both of which are great benefits whether you plan to stay or sell.

Here are the complete Top 10 lists:

Top 10 Midrange Projects

1. Entry Door Replacement (steel)

Job Cost: $1,137

Resale Value: $974

Cost Recouped: 85.6 percent

2. Deck Addition (wood)

Job Cost: $9,327

Resale Value: $7,213

Cost Recouped: 77.3 percent

3. Garage Door Replacement

Job Cost: $1,496

Resale Value: $1,132

Cost Recouped: 75.7 percent

4. Minor Kitchen Remodel

Job Cost: $18,527

Resale Value: $13,977

Cost Recouped: 75.4 percent

5. Window Replacement (wood)

Job Cost: $10,708

Resale Value: $7,852

Cost Recouped: 73.3 percent

(tie) 6. Attic Bedroom Addition

Job Cost: $47,919

Resale Value: $34,916

Cost Recouped: 72.9 percent

(tie) 6. Siding Replacement (vinyl)

Job Cost: $11,192

Resale Value: $8,154

Cost Recouped: 72.9 percent

7. Window Replacement (vinyl)

Job Cost: $9,770

Resale Value: $6,961

Cost Recouped: 71.2 percent

8. Basement Remodel

Job Cost: $61,303

Resale Value: $43,095

Cost Recouped: 70.3 percent

9. Major Kitchen Remodel

Job Cost: $53,931

Resale Value: $37,139

Cost Recouped: 68.9 percent

10. Deck Addition (composite)

Job Cost: $15,084

Resale Value: $10,184

Cost Recouped: 67.5 percent

Top 10 Upscale Projects

1. Siding Replacement (fiber-cement)

Job Cost: $13,083

Resale Value: $10,379

Cost Recouped: 79.3 percent

2. Garage Door Replacement

Job Cost: $2,720

Resale Value: $2,046

Cost Recouped: 75.2 percent

3. Siding Replacement (foam-backed vinyl)

Job Cost: $13,818

Resale Value: $9,926

Cost Recouped: 71.8 percent

4. Window Replacement (vinyl)

Job Cost: $13,055

Resale Value: $9,295

Cost Recouped: 71.2 percent

5. Window Replacement (wood)

Job Cost: $16,361

Resale Value: $11,194

Cost Recouped: 68.4 percent

6. Grand Entrance (fiberglass)

Job Cost: $7,088

Resale Value: $4,528

Cost Recouped: 63.9 percent

7. Deck Addition (composite)

Job Cost: $34,403

Resale Value: $20,532

Cost Recouped: 59.7 percent

8. Major Kitchen Remodel

Job Cost: $107,406

Resale Value: $64,113

Cost Recouped: 59.7 percent

9. Bathroom Remodel

Job Cost: $50,007

Resale Value: $29,162

Cost Recouped: 58.3 percent

10. Roofing Replacement

Job Cost: $33,880

Resale Value: $19,194

Cost Recouped: 56.7 percent

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