– 2015 Cost Versus Value Report for Home Remodeling Projects in Phoenix –
Each year the folks at Remodeling (Hanley Wood) put together a comprehensive Cost vs. Value report. They compile data on midrange and upscale home improvement projects and then compare the cost of the project, the value you can expect to receive on the project when the home is sold as well as a percentage showing cost recouped.
They have broken down the various projects into midrange and upscale categories for further detail.
MIDRANGE REMODELING PROJECT TOP PERFORMERS IN PHOENIX
There were three projects that actually provided a larger return than the investment in the Phoenix market. They were:
- Siding Replacement (Vinyl) – Coming in with an average cost of $11,495 and a return of 118.9%
- Window Replacement (Vinyl) – Coming in with an average cost of $10,008 and a return of 109.9%
- Window Replacement (Wood) – Coming in with average cost of $11,032 and a return of 106.3%
When you compare these to the national figures, the percentage recouped was only in the 70%-80% range. Of note, only Entry Door Replacement produced a positive return at the national level with 101.8%.
UPSCALE REMODELING PROJECT TOP PERFORMERS IN PHOENIX
When we get to the upscale projects, the cost increase significantly and the costs recouped drop quite a bit. Most projects tend to produce returns in the 50%-60% range.
The top three projects with the highest returns are:
- Siding Replacement (Foam-backed vinyl) – Coming in with an average cost of $14,685 and a return of 71.7%
- Roofing Replacement – Coming in with an average cost of $32,756 and a return of 64.5%
- Garage Door Replacement – Coming in with an average cost of $2,910 and a return of 60.5%
On a national level, we did see some projects that had higher amounts that were recouped. The top two were Siding Replacement (fiber-cement) at 84.3% and Garage Door Replacement at 82.5%.
Overall, the 2015 Cost vs. Value report is an interesting read. If you would like to see all of the data, you will need to download your own report. Simply fill out the form and you will have access to the national, regional and city data. You will also find specific definitions on what each of the projects entailed as a point of reference.
Creative Commons image courtesy of Brock Builders
Disclaimer: All data is from the Hanley Wood 2015 Cost vs Value report. Information is deemed accurate, but is not guaranteed.
