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Homeowners contemplating a major remodeling project are mostly interested in what the work will cost, when it can get started, and how long it will take to complete. Also on the list is how much their investment will add to the value of their home. The importance of resale value varies depending on the overall state of the housing industry and local market conditions. This Cost vs. Value report provided by Remodeling Magazine attempts to quantify these concerns by comparing cost-to-construct with added resale value.
Cost data for the Report come from Home Tech Information Systems, a remodeling estimating software company in Bethesda, MD. Hometech collects current cost information quarterly from thousands of contractors nationwide. The figures include markup and are adjusted to account for pricing variations in different parts of the country. Resale Values are based on the professional judgment of members of the National Association of Realtors (NAR).
The VALUE of any remodeling project includes elements that can’t readily be measure in dollars and cents. unlike other kinds of investments - stocks and bonds or bank CDs, for example - people retain the use of their money in the form of the remodeled space. This “utility value” is difficult to quantify, but is always present.
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Cost vs Value 2005 (Window Replacement)
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MID-RANGE
Replace 10 existing 3-by-5 foot double-hung windows with vinyl- or aluminum-clad, double-glazed, wood replacement windows. Wrap existing exterior trim as required to match. Do not disturb existing interior trim.
UPSCALE
Replace 10 existing 3-by-5 foot double-hung windows double-glazed, simulated-divided-light windows. Interior finish of alder or cherry; exterior finish of copper or aluminum cladding. Trim interior to match window material; trim exterior to match existing.
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Market
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Job Cost
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Value at Sale
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%Cost Recovered
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Job Cost
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Value at Sale
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%Cost Recovered
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Mid-Range
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Upscale
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National Average
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$9,684
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$8,681
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89.6%
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$16,096
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$14,259
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88.6%
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Albany
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$9,850
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$9,125
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92.6%
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$16,291
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$16,438
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100.9%
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Allentown
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$9,724
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$8,167
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84.0%
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$16,204
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$14,000
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86.4%
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Baltimore
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$9,112
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$8,644
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94.9%
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$15,304
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$17,422
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113.8%
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Boston
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$10,788
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$12,654
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117.3%
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$17,448
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$17,871
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102.4%
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Buffalo
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$10,078
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$10,431
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103.5%
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$16,617
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$16,967
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102.1%
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Burlington
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$8,469
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$4,000
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47.2%
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$14,495
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$5,000
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34.5%
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Harrisburg
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$9,274
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$9,250
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99.7%
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$15,490
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$15,750
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101.7%
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Hartford
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$10,293
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$8,233
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80.0%
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$16,861
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$12,633
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74.9%
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Manchester
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$8,850
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$9,630
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108.8%
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$14,687
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$15,687
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106.8%
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New York
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$11,340
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$14,131
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124.6%
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$18,366
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$24,200
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131.8%
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Philadelphia
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$10,310
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$4,700
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45.6%
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$16,984
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$9,500
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55.9%
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Pittsburgh
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$9,734
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$6,625
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68.1%
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$16,107
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$11,508
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71.4%
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Providence
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$10,350
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n/a
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n/a
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$16,932
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n/a
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n/a
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Washington
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$9,549
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$10,567
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110.7%
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$15,902
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$16,839
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105.9%
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Wilmington
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$9,739
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$8,258
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84.8%
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$16,229
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$15,115
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93.1%
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East Average
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$9,831
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$8,887
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90.4%
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$16,261
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$14,924
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91.8%
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Chicago
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$11,027
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$13,815
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125.3%
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$17,857
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$18,202
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101.9%
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Cincinnati
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$9,841
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$8,243
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83.8%
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$16,160
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$12,911
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79.9%
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Cleveland
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$10,296
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$7,750
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75.3%
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$16,937
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$11,055
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65.3%
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Columbus
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$9,599
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$7,824
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81.5%
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$15,820
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$11,617
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73.4%
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Des Moines
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$9,411
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$5,786
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61.5%
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$15,637
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$10,286
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65.8%
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Detroit
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$10,890
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$9,111
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83.7%
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$17,789
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$12,833
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72.1%
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Grand Rapids
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$9,461
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n/a
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n/a
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$15,765
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n/a
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n/a
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Indianapolis
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$9,741
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$6,853
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70.4%
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$16,147
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$11,999
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74.3%
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Kansas City
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$10,310
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$5,513
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53.5%
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$16,936
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$12,938
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76.4%
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Madison
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$9,791
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$9,563
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97.7%
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$16,188
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$13,750
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84.9%
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Milwaukee
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$10,198
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$8,091
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79.3%
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$16,780
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$12,591
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75.0%
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Minneapolis
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$11,896
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$10,346
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87.0%
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$19,418
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$16,217
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83.5%
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St. Louis
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$10,544
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$8,981
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85.2%
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$17,297
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$15,604
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90.2%
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Wichita
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$8,941
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$8,417
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94.1%
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$14,962
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$13,583
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90.8%
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Midwest Average
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$10,139
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$8,484
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83.7%
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$16,692
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$13,353
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80.0%
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Atlanta
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$9,584
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$5,641
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58.9%
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$15,966
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$9,353
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58.6%
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Birmingham
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$9,307
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$11,300
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121.4%
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$15,474
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$24,975
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161.4%
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Columbia
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$8,120
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$6,563
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80.8%
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$13,922
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$10,875
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78.1%
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Dallas
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$8,990
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$6,176
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68.7%
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$15,168
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$11,571
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76.3%
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Houston
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$9,358
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$8,571
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91.6%
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$15,681
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$13,260
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84.6%
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Jacksonville
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$8,999
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$7,061
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78.5%
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$15,108
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$12,561
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83.1%
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Knoxville
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$8,755
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$7,250
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82.8%
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$14,873
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$12,247
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82.3%
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Louisville
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$9,281
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$6,500
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70.0%
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$15,536
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$11,727
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75.5%
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Memphis
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$9,101
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$4,944
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54.3%
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$15,366
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$9,556
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62.2%
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Miami
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$9,224
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$11,562
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125.3%
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$15,557
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$25,412
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163.3%
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New Orleans
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$9,144
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$7,495
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82.0%
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$15,409
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$12,446
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80.8%
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Norfolk
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$8,561
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$8,003
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93.5%
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$14,563
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$14,394
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98.8%
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Orlando
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$9,053
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$11,473
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126.7%
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$15,279
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$18,651
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122.1%
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Raleigh
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$8,546
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$5,530
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64.7%
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$14,777
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$9,497
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64.3%
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Richmond
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$8,568
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$7,309
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85.3%
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$14,600
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$12,059
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82.6%
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San Antonio
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$9,002
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$5,279
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58.6%
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$15,199
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$9,896
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65.1%
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Tampa
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$9,108
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$8,609
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94.5%
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$15,393
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$16,488
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107.1%
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Tulsa
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$8,817
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$5,848
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66.3%
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$14,950
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$9,705
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64.9%
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South Average
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$8,973
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$7,506
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83.7%
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$15,157
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$13,593
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89.7%
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Albuquerque
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$9,263
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$10,290
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111.1%
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$15,601
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$16,420
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105.2%
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Boise
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$9,409
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$10,509
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111.7%
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$15,659
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$15,024
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95.9%
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Colorado Springs
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$9,297
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$8,750
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94.1%
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$15,626
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$13,321
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85.3%
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Denver
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$9,302
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$6,863
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73.8%
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$15,631
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$10,881
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69.6%
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Las Vegas
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$10,612
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$6,607
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62.3%
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$17,379
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$10,825
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62.3%
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Los Angeles
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$10,922
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$11,833
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108.3%
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$17,913
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$15,667
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87.5%
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Phoenix
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$9,100
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$9,936
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109.2%
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$15,282
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$15,918
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104.2%
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Portland
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$9,963
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$9,800
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98.4%
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$16,483
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$14,715
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89.3%
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Sacramento
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$10,974
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$10,176
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92.7%
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$18,004
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$16,585
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92.1%
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Salt Lake City
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$8,872
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$6,290
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70.9%
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$14,927
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$9,790
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65.6%
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San Diego
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$10,633
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$12,476
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117.3%
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$17,351
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$17,794
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102.6%
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San Francisco
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$11,299
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$14,919
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132.0%
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$18,349
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$22,686
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123.6%
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Seattle
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$10,446
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$15,220
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145.7%
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$17,115
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$20,200
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118.0%
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West Average
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$10,007
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$10,282
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102.7%
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$16,563
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$15,371
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92.8%
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