The 2016 Cost vs. Value report is out. YIPPEE!
Now let me set the stage: each year, right about this time, a little reminder pops up on my computer, notifying me to “Look for Annual Cost vs. Value Report.” Well, last week it popped up! I immediately stopped writing the email I was forming and popped over to Remodeling to look for the coveted report. And there it was.
The report compares average cost for 30 popular remodeling projects with the value those projects retain at resale in 100 U.S. markets. The report allows us to compare these projects to other areas by identifying the costs for midrange and upscale projects. The report also shows you the anticipated cost recouped when you sell. For example: a major (Midrange) kitchen remodel in San Francisco would cost $74,481 with the resale value being at 104.5%; the average cost throughout the Pacific Northwest is $66,299 with the resale value at 64.9%. The good (or bad) news is that these figures are up (and down) from 2015, where a San Francisco kitchen remodel would cost $69,359 with a $108.8% recoup value.
Why is this report important to you? Because if you are considering any kind of remodel you should know what the expected costs should be. This will help you negotiate with your contractor for a better price and provide you with an expectation of what you might recoup when you sell. And as always, call us to discuss what the current trends are in the area.
Want a copy of the report? Let us know! We would be happy to send you a copy.