2010-11 Remodeling Cost Vs. Value Report
The 2010-2011 Remodeling Cost Vs Value Report is out. Below is a summary of the most important information. Basically I was interested in seeing what gives my clients the best return on investment [ROI]. You can read the entire report here.
Replacement projects have been king these past few years and continue to lead this year.
THE TOP TEN RANKING REMODELING PROJECTS
According to Remodeling magazine, the first 10 spots in the national ranking are occupied by 13 projects (including ties), and it’s a sign of the times that nine of them are exterior replacements.
Replacement projects have always performed better in resale value than other types of remodeling projects partly because they are among the least expensive projects in the report, and partly because they are need based improvements that both protect a homeowner’s investment and contribute to resale.
The top two projects, entry door replacement and garage door replacement, are the two least-expensive projects evaluated. But the number-three spot is occupied by fiber-cement siding replacement, which comes with an “upscale” price tag that averages $13,382 nationally.
Since it was added to the survey in 2005, fiber-cement siding replacement has been remarkably stable: it has ranked first every year among projects costing $5,000 or more, and this year showed the smallest cost increase (less than 1%) of any project.
The four non-replacement projects in the top 10 also seem to refiect the price-conscious mood of remodeling customers, although to different degrees. Wood deck addition, which tied for fourth with minor kitchen remodel, is not only relatively inexpensive, it is almost considered essential rather than discretionary, particularly in neighborhoods where every home has an outdoor living space.
Top Ten Remodeling Projects
1. Entry door replacement
2. Garage door replacement
3. Siding replacement [Cement Fiber]
4. Major kitchen remodel TIED with New Deck
5. Vinyl window replacement [high end windows]
6. Vinyl siding replacement TIED with wood window replacement
7. Attic bedroom remodel
8. Vinyl window replacement [moderate windows]
9. Basement remodel
10. Garage door replacement [high end door]
Source: Remodeling Cost V Value Report 2010-11