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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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