Each year around this time, the country’s largest and most respected construction industry publisher releases an important report. The Remodeling 2019 Cost vs. Value Report estimates price for dozens of common residential remodeling and replacement projects and how they impact the resale value of the homes. Estimating software is used to determine costs. Realtors set values.
The Hanley Wood LLC report serves as a useful reference for homeowners who wonder what various home improvements might cost. It also helps near-term home sellers to avoid over improvements they won’t have time to enjoy.
Realtors Value Exterior Facelifts
The authors caution that Realtors — not homeowners or contractors — determine the payback values. As a result, payback winners overwhelmingly are “safe” exterior projects that create positive first impressions. They outperform interior projects where personal taste is a bigger factor.
For example, most homebuyer would appreciate a nice new garage door or stone veneer detailing around an entry. But they may not like one’s choice of kitchen cabinet finish or imported master bath tile.
In reality most of our clients remodel their homes for their own enjoyment, not for future owners. Return on investment is measured more in comfort, personal pride and convenience, than in future dollars.
Kitchen & Bath Remodeling Costs
No two projects are identical. So it is important to dig into the detail to compare the scope of the sample projects to one’s own remodeling plans. For instance, your own kitchen may be larger or you may want more out of your new bathroom.
The report prices a midlevel major kitchen remodeling for our West North Central region at about $64,400 and an upscale kitchen at about $128,700. Bathroom remodels range from $19,600 for midlevel quality to $62,500 for upscale.
The 2019 report’s numbers reflect that material and labor costs rose last year due to tariffs and commodity market uncertainties.
Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.