Remodeling Costs

 

Due to the vast variations in each project it is impossible to give a one size fits all answer.  The link below is intended to give  cost for  various  project's  with limited specifications given.  We find some of the cost reported in this National Magazine to be 20% higher than the average job.

This site compares average cost for 36 popular remodeling projects with the value those projects retain at resale in 102 U.S. markets. Check out this year's trends and how they compare to prior years.

Finished Basements Add Space and Home Value

 

Basements were often been a place for kids to play on cold or rainy days, parents to set up a work shop, do laundry, or in fancier versions construct a man cave.

 

Then, for years basements were ignored—considered too dark and musty, and unlikely to provide a smart return on investment.

 

As housing sales stalled in more recent years and many homeowners stayed put rather than moved, they recognized that their lower levels could become potential living space, if improved, and for less than adding on to their first floor. "They already owned the space, paid taxes, had a roof, walls, ceiling, foundation, and sewer hookups in place," says Michael Kuplicki, director of sales with Alure Home Improvement.

 

In fact, many architects and contractors put the cost savings of redoing a basement versus an addition at one-third to one-half less, depending on project scope, area of the country, and professionals hired, says architect Duo Dickinson, author of Staying Put. Moreover, the payback could be good, and not making the change might be a deal-breaker, says Charles Barenbrugge, senior broker associate with Jameson Sotheby's International Realty.

 

The last annual "Cost vs. Value" Report from Remodeling magazine put the average basement remodel at $61,303 with a 70.3 percent payback, which made it among the smartest redos, along with an attic bedroom, minor kitchen redo, deck, and new entry door.

Wood Decks Still a Top Value

Even though their average resale value slipped slightly compared to last year, basic wood decks still ranked among the top 10 home improvement projects in the annual Remodeling Cost vs. Value Report. According to Realtors who were polled for the report, a 16-foot by 20-foot deck with an average construction cost of $10,048 could be expected to recoup $8,085 of its cost if the house were to be sold in 2015, a return on investment—or ROI—of 80.5%. In comparison, the report found that a similar deck built with composite rather than wood decking would cost $15,912 and recoup $10,816, a yield of 68%. If you’re building high-end composite decks, you might want to steer your clients away from Cost vs. Value, though. It found that a composite deck that cost $36,385 to build would recoup only $21,437, a 58.9% ROI. The best home improvement investment? A steel entry-door replacement, with an estimated project cost of $1,230 and an average ROI of 101.8%, or $1,252. In general, the report found that small-scale exterior improvements provide significantly higher ROIs than expensive interior projects, such as master suite additions and kitchen or bath remodels, regardless of which region of the country you’re working in. You can read a detailed analysis of the economic trends revealed by the data in the report here.

Kitchens still offer the most remodeling bang for the buck

The only remodeling job breaking into the top 10 in terms of payback is the minor kitchen remodel with a national average cost of $19,226 and a national average payback of 79.3 percent.

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