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For close to twenty years, Remodeling Magazine has been doing something that few other publications dare to do. Every December, it comes out with its Cost vs. Value Report for the preceding year, measuring the estimated average cost of remodeling projects across the U.S. in three categories. Those categories--additions, remodels, and replacements--each cover about 8 major areas of the house, such as bathrooms, decks, family rooms, master suites, basements, and so on. Why is the Cost vs. Value Report so unique? Mainly because it's difficult to pin anyone down in the remodeling industry about general estimated project costs. Now add the other figures, which are the estimated resale values (they say that this represents over 3000 data points) and you've got a report that really goes out on a limb. But Remodeling Magazine does its legwork. They use figures from the National Association of Realtors, the Indiana-based market research company Specpan, and the Maryland-based Hometech Information Systems. These companies cull the results of Web-based surveys, as well as comments from over 2000 Realtors. Additionally, they pull numbers from over 60 metro areas to come up with their report. What do you find? You find a wealth of information. Nationwide, a bathroom addition that cost $28918 could be expected to have a value of $21670 upon sale--a 75% return. Or, vinyl window replacements costing $10160 would bring in $8500 upon sale--a nearly 84% return on investment. Note: Return on investments vary by region and locale. Be sure to ask your RealtorŪ about your proposed improvement in the Prescott, AZ and Prescott Valley, AZ area. Interested in more information? Read the article Making Home Improvements Pay.
Other links include:
Realtor Magazine Online
Specpan
Hometech Information Systems
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