Your New Master Bath Cost What!?
I have got into the habit of reading Remodeling magazine's annual "Cost vs. Value Report" in my REALTOR magazine. And every year I shake my head at it and wonder where in the heck they get their information from. Well, actually they do tell me exactly where they get their info. but, its just not accurate, at least, not in my opinion (click here to get the specific criteria). So this year I thought I would get everyone elses opinion about what their perceived value is on certain remodeling projects.
The "Cost vs. Value Report" has 3 basic categories. They are Additions, Remodeling projects and full Replacement of household items and each category has many subcategories. For example, the first category (Additions) lists decks, room additions, garages, master suite and that sort of thing as the subcategories. The Remodel section outlines basements, kitchens, baths, etc. And finally the Replacement category covers siding, windows, doors and roofing. To complicate things they even break each project into a 'midrange' category and an 'upscale' category. To make the report even more interesting (and to more accurately estimate the project cost vs. value) they break each project up into regions, i.e., Middle Atlantic, South Atlantic, Mountain and so on. Rather than give each regions figure I am going to concentrate on where they group Iowa, the W. North Central region, and surprisingly enough, in the top 5 most expensive regions out of 9. There's the first flaw...in my opinion.
Ok, now that you get the gist of their report, lets dive into the numbers and see what you think. I will pick a few projects at random and list their estimate analysis.
These are just a few of the examples they listed. As you can see, especially in the Addition and Remodel categories, the numbers are drastically inflated. The only numbers that are somewhat close is the siding replacement cost. What do you think? Especially those of you who live outside of the Mid West.
Maybe next year I will get to read about the 'green' remodeling projects and their cost vs. value.
The "Cost vs. Value Report" has 3 basic categories. They are Additions, Remodeling projects and full Replacement of household items and each category has many subcategories. For example, the first category (Additions) lists decks, room additions, garages, master suite and that sort of thing as the subcategories. The Remodel section outlines basements, kitchens, baths, etc. And finally the Replacement category covers siding, windows, doors and roofing. To complicate things they even break each project into a 'midrange' category and an 'upscale' category. To make the report even more interesting (and to more accurately estimate the project cost vs. value) they break each project up into regions, i.e., Middle Atlantic, South Atlantic, Mountain and so on. Rather than give each regions figure I am going to concentrate on where they group Iowa, the W. North Central region, and surprisingly enough, in the top 5 most expensive regions out of 9. There's the first flaw...in my opinion.
Ok, now that you get the gist of their report, lets dive into the numbers and see what you think. I will pick a few projects at random and list their estimate analysis.
|
|
Job Cost |
Resale Value |
Cost Recouped |
|
Addition: Attic bedroom (midrange) Bathroom (midrange) Bathroom (upscale) |
$51,339 $40,627 $78,388 (Come on!! In IA?) |
$32,322 $18,673 $36,504 |
63% 46% 46.6% |
|
Remodel: Major Kitchen (midrange) Major Kitchen (upscale)
|
$58,149 $113,027 |
$36,373 $61,017 |
62.6% 54% |
|
Replacement: Entry Door Roofing (midrange) Roofing (upscale)
Vinyl Windows (midrange) Vinyl Siding (midrange) |
$3,578 $21,185 (what size house is this??) $37,705 (upscale must be 100% copper roof for that price!) $11,113 $11,219 |
$1,813 $9,447
$16,545
$6,870 $7,107 |
50.7% 44.6%
43.9%
71.5% 63.3% |
These are just a few of the examples they listed. As you can see, especially in the Addition and Remodel categories, the numbers are drastically inflated. The only numbers that are somewhat close is the siding replacement cost. What do you think? Especially those of you who live outside of the Mid West.
Maybe next year I will get to read about the 'green' remodeling projects and their cost vs. value.
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