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Cost vs Value 2017

2017 Cost vs Value Home Remodel Project Report

2017 Cost vs Value
Home Remodel Project Report

Every year we try to bring you the most current information possible about your home or property. This includes an annual look at our updated 2017 Cost vs Value Home Remodel Project Report. In years past, the cost vs value report shows a variety of factors

you’re shared are important to you. This year, we’ve attempted to keep the information to more of a list view so you can help answer the question that matters most to you: what can I do to improve the value of my home?

2017 Cost vs Value Home Remodel Project Report

The first group of projects are those small to medium size projects.

Cost vs Value: Small to Medium Size Projects 2017

Small to Medium Size Projects (National Average)Job CostResale ValueCost Recouped
Attic Insulation (fiberglass)$1,343 $1,446 107.70%
Backup Power Generator$12,860 $6,940 54.00%
Backyard Patio$51,985 $28,546 54.90%
Basement Remodel$71,115 $49,768 70.00%
Bathroom Addition$43,232 $23,283 53.90%
Bathroom Remodel$18,546 $12,024 64.80%
Deck Addition (composite)$17,249 $11,252 65.20%
Deck Addition (wood)$10,707 $7,652 71.50%
Entry Door Replacement (steel)$1,413 $1,282 90.70%
Family Room Addition$89,566 $62,055 69.30%
Garage Door Replacement$1,749 $1,345 76.90%
Major Kitchen Remodel$62,158 $40,560 65.30%
Manufactured Stone Veneer$7,851 $7,019 89.40%
Master Suite Addition$119,533 $77,506 64.80%
Minor Kitchen Remodel$20,830 $16,699 80.20%
Roofing Replacement$20,664 $14,214 68.80%
Siding Replacement$14,518 $11,093 76.40%
Two-Story Addition$176,108 $125,222 71.10%
Universal Design Bathroom$15,730 $10,766 68.40%
Whether it’s a small or large project, consult the small to medium size project list to compare what you can plan to recoup from the remodeling job before you begin. These values tend to charge slightly year over year depending on the price of materials and labor.

Next, we tackle the larger projects.

Cost vs Value Medium to Large Size Projects 2017

Medium to Large Size ProjectsJob CostResale ValueCost Recouped
Bathroom Addition$81,515 $46,507 57.10%
Bathroom Remodel$59,979 $35,456 59.10%
Deck Addition (composite)$39,339 $22,171 56.40%
Entry Door Replacement (fiberglass)$3,276 $2,550 77.80%
Garage Door Replacement$3,304 $2,810 85.00%
Grand Entrance (fiberglass)$8,358 $5,855 70.10%
Major Kitchen Remodel$122,991 $76,149 61.90%
Master Suite Addition$250,687 $150,140 59.90%
Window Replacement (vinyl)$15,282 $11,286 73.90%
Window Replacement (wood)$18,759 $13,691 73.00%
Before you start your next medium to large project, compare what you can plan to recoup from the remodeling job before you begin. And remember, it’s hard to put a price on the enjoyment the update, upgrade or replacement will bring to you and your family – whether or not you plan to sell your home in the future.
Cost vs Value Remodeling Mid Atlantic Region

Homes throughout Pennsylvania, NJ, DE and Maryland closely align to national remodeling prices.

Cost vs Value Remodeling Mid Atlantic Region

Homes and properties in the Mid-Atlantic region closely follow the national average for recouping your investment in your next project. No matter what you plan to do to your home or property, such as sell vs repair, be sure to get multiple detailed bids from licensed contractors with strong references from sites like porch.com. At the end of the day, when you come home from work, your home is your palace. Enjoy what these projects can do to your home and for your family.

While this year’s 2017 Cost vs Value Home Remodel Project Report analysis may only make you wonder IS THIS IS THE HOME I WANT TO INVEST IN? … then maybe you need a second opinion. Home Marketsite agents are ready, willing and available to help you determine what you can get for your home on the market. We can also help determine a solid return on investment from your home. And if you’re looking for a good realtor to list & sell your home, contact us today. We’d appreciate your business.

Home Appreciation

Home Appreciation: The keys to Your Home Value

The facts behind Home Appreciation

Small Homes Bigger AppreciationOn average, a home is expected to increase in value around 2-4% every year. This is tied to many factors including the strength of the economy, interest rates and type of home buyers ready to make a purchase. However, just last year, home seller’s saw an average growth of 6% on their home value. That’s great home appreciation.

In order to survey the entire market, Realtor.com looked at what drove home appreciation and ways the average home owner could add value to their home. By reviewing and analyzing millions of data records and data points over the past five years, the team of researchers discovered certain homes and features helped drive appreciation higher than others.

SMALL HOMES ARE HOT

Small Homes Appreciate FasterIf your home is smaller than 1200 sq feet, you were able to see an average increase in value over the past five years of 7.5%, This compared to larger homes over 2,400 and those appreciated just 3.8% a year. While you can argue that’s semantics because the smaller home will be priced less than a home twice it’s size – that’s true. Yet the percentage increase is nearly 2x for the smaller home over the larger home.

Smaller homes, Bigger Appreciation. Why are smaller home values on the rise faster than a traditional 2,000+ square foot home? One answer: millennial buyers. These new buyers are first-time home buyers who don’t need a larger home and prefer a smaller one at the 1,200 square foot range versus those double in size. The other group that is beginning to drive it too: Baby Boomers. Those in their sixties are finally ready to downsize by selling their 2,400 as foot home for the 1,200 sq foot home. That’s leading to a larger demand than the market is ready to receive at the same time and has created rising prices for these small homes.

A subset of the small home category are those with just two bedrooms. The 2-Bedroom home appreciate around 6.5% a year (vs the 5-Bedroom home around 4.3% every year.

HOT HOME APPRECIATION FEATURES

Those homes with the following features appreciate each year the following percent on average over the past five years. This will vary by market and overall home condition.

* Finished basement: 4.6%
* Fireplace: 5.3%
* Granite countertop: 2.5%
* Hardwood floors: 5.7%
* Hot tub: 3.9%
* Open floor plan: 7.4%
* Patio: 6.8%
* Stainless Steel Appliances: 3%

Source: realtor.com®

HOT HOME APPRECIATION FEATURESTo help a home sell in a competitive market and as fast as possible, many of these features are simply required including the open rooms, granite kitchen, finished basements and outdoor living areas. When home buyers tour a home, these are also their favorite home features.

ARCHITECTURAL STYLE

When comparing the architectural style of the home, the following did better than others:
* Modern or Contemporary Home: 7.7%
* Bungalow: 6.5%
* Traditional: 5.6%
* Craftsman Bungalow: 3.7%
* Victorian: 2.2%

As is the case with more ornate and decorative homes such as a Craftsmen Bungalow or a Victorian, both are considered more upkeep and require more maintenance than a traditional style home.

HOMES WITH A VIEW

Value of the ViewFinally it is true what they say about real estate: location, location, location. There is a value of the view. If your home has a park view, home appreciation is nearly 8% a year. These homes also hold value over a falling market because you can’t just pick up a home and move it to a new location. It’s either got it or not. If you home has a mountain view, it appreciates on around 5% every year. Lake views also appreciate well averaging nearly 4.9% while ocean views appreciate the least at around 3.6% each year. Homes in the vicinity of salt air face maintenance issues above and beyond a traditional home in say the woods. They also risk being in flood areas and require additional insurance and home protection against storms.

As you begin to sell your home, rely on a REALTOR to help guide you through the process of listing and selling your home – give us a call or contact us – we’d love to help you sell or buy your next home.