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Trends: Cost vs.Value in Your Home

10/4/2018

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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.
  • Space Planning: Do you want any of walls  to move?
                             Are any of your configurations going to change in the bathrooms or kitchen?
  • Furniture Layout: Layout the floor plan and have a furniture layout to make sure you have all the wall space, electrical, and lighting you want in all of the best areas.
  • Color: Choose your color scheme and style.
  • Finish Selection: Select your floors, counter-tops, tile, cabinets, sinks, hardware, lighting, and facets.

Bottom line :
  • Remodeling adds value to your home.
  • Do your best to breathe, remodeling is a job that is worth taking your time to think through.
  • Find a great contractor, it is worth the wait.
  • Have a plan ahead of time.


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    Abigail Pizzo Thorpe and Cynthia M. Cannizzaro met on the first day of architecture class at Louisiana State University. We became best friends immediately and remain best friends as adults. We both have had successful Interior Design Firms and exciting design careers and we want to share with you what we  have learned.

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