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Should I remodel Now? I was studying these statistics this morning and thought some of you would like to know what I found. Today is the first day of my blog series on Trends so here we go...... 2018 COST VS VALUE REPORT This site compares average cost for popular remodeling projects with the value those projects retain at resale in the West, South, and central U.S. STEP 2:REGIONALWEST SOUTH CENTRAL WEST SOUTH CENTRAL 2018 NATIONAL AVERAGES PROJECT/ JOB COST RESALE VALUE COST RECOUPED 2017MIDRANGE Backyard Patio $49,938 $54,130$21,415 $25,76942.8% 47.6% MIDRANGE Bathroom Addition $41,049 $44,717$23,671 $26,76957.5% 59.9% UPSCALE Bathroom Addition $78,745 $83,869$40,538 $45,75251.3% 54.6% MIDRANGE Bathroom Remodel $17,252 $19,134$12,039 $13,42269.5% 70.1% UPSCALE Bathroom Remodel $57,432 $61,662$28,486 $34,63349.2% 56.2% MIDRANGE Deck Addition (composite) $16,631 $17,668$9,391 $11,23955.8% 63.6% MIDRANGE Deck Addition (wood) $9,771 $10,950$8,065 $9,06582.0% 82.8% MIDRANGE Entry Door Replacement (steel) *$1,708 $1,471$1,159 $1,34467.9% 91.3% UPSCALE Garage Door Replacement $3,349 $3,470$2,757 $3,41180.8% 98.3% UPSCALE Grand Entrance (fiberglass) $8,381 $8,591$5,221 $5,80961.6% 67.6% MIDRANGE Major Kitchen Remodel $60,164 $63,829$35,829 $37,63759.2% 59.0% UPSCALE Major Kitchen Remodel $119,796 $125,721$62,327 $67,21251.7% 53.5% MIDRANGE Manufactured Stone Veneer $7,955 $8,221$7,559 $7,98693.4% 97.1% MIDRANGE Master Suite Addition $115,189 $123,420$63,251 $69,80754.9% 56.6% UPSCALE Master Suite Addition $241,841 $256,229$109,070 $123,79744.8% 48.3% MIDRANGE Minor Kitchen Remodel $19,630 $21,198$16,006 $17,19380.8% 81.1% MIDRANGE Roofing Replacement $19,463 $20,939$12,609 $14,32064.1% 68.4% MIDRANGE Siding Replacement $13,920 $15,072$9,747 $11,55469.7% 76.7% MIDRANGE Universal Design Bathroom $14,617 $16,393$9,622 $11,58165.9% 70.6% UPSCALE Window Replacement (vinyl) $15,410 $15,955$11,664 $11,85575.3% 74.3% UPSCALE Window Replacement (wood) $18,815 $19,391$12,793 $13,46867.6% 69.5% The interest rates are threatening to continue rising and the fires, floods, and hurricanes are surely effecting the prices of building materials. Remodeling still adds value to your home. There is only a slight decline, to 56.8% in 2017 from 57.9% in 2016, in the average payback for 20 common professional remodeling projects in 100 major markets. It is better to wait until a great contractor is available than to use a sub-par tradesman because you are in a hurry to get back to normal. I know it is taxing to deal with living in a temporary situation, such as, living with a friend, living in a trailer in your driveway, living upstairs while the downstairs is being remodeled, or in a hotel but believe me you will be happy if you just wait until someone who really knows what they are doing works on your project. Ultimately, the overall project with run more smoothly and quickly if you wait. You will have less costly mistakes and less items which haunt you forever that you dislike ( like cabinets that you hate, a door swinging in the opposite direction, a paint, a floor that you do not like...). Before you ever start a remodeling project devise a solid plan. You can hire a designer to help you with floor plans, design details, and finish selections or do it yourself. Either way have a solid plan before you start.
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