– Cost vs. Value 2014 – What Kind of Return Can You Expect on Your Scottsdale Area Home Remodel Project? –
Remodeling has published the newest version of its Cost vs. Value report for the year.
This report looks at home remodeling projects and the average amount of cost you can expect to recoup from them. In addition, the projects are broken int0 midrange cost projects and upscale (higher cost) projects.
The report aggregates data at the national level, the regional level and the local level. So, while a specific project in one area can produce a large return, that may not be the case in other parts of the country.
This report is a nice guide and indicator of where you might want to focus your remodeling dollars in order to get the most return.
Nationally, the highest returns are for:
- Midrange – Entry Door Replacement (Steel) – 96.6% of cost recouped.
- Upscale – Siding Replacement (Fiber Cement) – 87.0% of cost recouped.
If you look a the regional numbers, Arizona falls into the Mountain Region with other states like Colorado, Utah, New Mexico, Nevada, Montana and Idaho. In this case, the top projects stay the same, but the amount you can expect to recoup for each shifts:
- Midrange – Entry Door Replacement (Steel) – 88.0% of cost recouped. This is less than the national average.
- Upscale – Siding Replacement (Fiber Cement) – 93.0% of cost recouped. This is higher than the national average.
Finally, if we look at a local level for the Phoenix/Scottsdale market, we can see which projects have the highest impact:
Top Three Midrange Projects:
- Basement Remodel – 87.8% of cost recouped. Althought basements are difficult to come by in the Phoenix area, remodeling them recoups a good amount of your spend.
- Attic Bedroom – 83.5% of cost recouped. Again, there are not a lot of attics in the Phoenix region, but the adddition of a bedroom gets a good return.
- Minor Kitchen Remodel – 81.3% of cost recouped.
Top Three Upscale Projects:
- Siding Replacement (Fiber Cement) – 98.9% of cost recouped.
- Siding Replacement (Foam-Backed Vinyl) – 79.7% of cost recouped.
- Roof Replacement – 79.0% of cost recouped.
Feel free to visit the Remodeling website for additional detail on various project and what you can expect to recoup in your area.
Creative Commons Photo Courtesy of Brock Builders
