The numbers will vary with the location, real estate market and property conditions, but the Remodeling 2012-2013 Cost vs Value Report does deliver a national overview of remodeling costs versus resale value. Homeowners will be pleased to see so many green arrows pointing up, indicating an improvement in comparison to 2011-2012 percentages. Here are some sample renovations and the general ROI (return on investment).
1. Entry Door Replacement – 85.6%
It’s interesting that if you replace the entry door with a steel model at an estimated cost of $1,137, you can expect to recoup 85.6%. If you go with fiberglass at $2,753, you can expect to recoup 65.9%.
2. Deck Addition – 77.3%
Once again, you may recoup 67.5% of a composite deck that cost $15,782, but a wood deck addition, costing $9,327, will recoup 77.3%.
3. Garage Door Replacement – 75.7%
At an estimated cost of $1,496, ROI is 75.7%.
4. Minor Kitchen Remodel – 75.4%
In a 200-square-foot kitchen, a minor remodel means replacing cabinet fronts including hardware, replacing wall oven and cooktop, replacing laminate countertops, sink and faucet, repainting and replacing “resilient flooring.” The cost is $18,527 and the resale value $13,977 or 75.4%.
5. Window Replacement – 73.3%
There’s a slight difference in percentages between vinyl and wood. Replacing ten existing 3-by-5-foot double-hung windows with insulated wood windows at a cost of $10,708 has an ROI value of 73.3%. Vinyl windows priced at $9,770 will return 71.2% of that cost.
The losers in this survey include Home Office remodel that costs $27,292 and recoups only 43.6% in resale value. Adding a sunroom at a cost of $72,179, you may recover 46.5% of those dollars, less than half.
The Remodeling Cost vs. Value Report, © 2012 Hanley Wood, LLC, is available in free downloadable PDF documents as a public service at www.costvsvalue.com. The data can also be viewed regionally and by select cities.
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