We often use Remodeling Magazine’s Cost vs Value report to represent a fair view of the remodeling costs in the Boston area. We find that it helps clients establish a realistic budget, and outlines what the true cost of completing a remodeling project is. The 2014 data set is out, and we have found (with no surprise) that costs are going up! You can find the full report here, © 2014 Hanley Wood, LLC. Complete data from the Remodeling 2014 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
It is pretty interesting to track the trends of what can improve the resale value of your home- this year we see a few stand-out categories, so we thought we’d recap the top five projects based on ROI.
1.) The top project with a return on investment percentage of 107.8 (wow!!) was a midrange attic bedroom remodel. It is estimated to cost $60,102, and add the value of $64,795 to your home. Check out some of our bedroom remodels!
2.) Fiber-cement Siding Replacement is up next, with 95% of the cost recouped. At $16,314, it will be worth $15,493.
3.) Vinyl Siding Replacement is close behind, coming in at 94.4% with a cost of $13,231 and a return of $12,461
4.) Steel Entry Door Replacements top off at 92.8 for $1,294 and a worth of $1200
5.) Garage Door Replacements finish off the list at 91% ROI, initially costing $3,092 and adding $2815.
With the exception of an attic remodel, most of these are fairly small projects to take on. Additionally, only two project types have gone down in cost; a simple wood deck addition and a minor kitchen remodel. Other categories have all risen to meet higher pricing demands.
Click here to view the remodeling Cost vs Value report for yourself!
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Contact us about your attic bedroom remodeling project!
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This is so cool. I always assumed a kitchen and bathroom remodel were the only two housing initiatives that gained a 90%+ return on investment.
It is pretty surprising that some of the smaller projects have such a high ROI! I was rather interested to find that the attic bedroom was so high. I don’t remember it being so high for 2013.
Thanks for the interesting stats! I noticed in the report that an Attic Bedroom Remodel project in New England only gained 87% in comparison to the same project in Boston which gained 107.8%. Why is there such a difference in ROI between two relatively close regions?
I cannot say for sure (I did not compile the statistics), however I would imagine it has to do with real estate value in a city versus a suburban area. Space is at a premium in city locations, and usually one will build up because you can’t build out. In other locations, it may be more desirable to build a new bedroom wing versus attic addition.
I love the attic remodel. The space looks so cozy!
Thanks Sarah! I think like it looks as if I could curl up with a good book and a cup of tea.
Aaaand just like that, you’ve helped me come up with weekend plans.
Thanks, Kara!
I friggin love this article Kara. I’m close to closing on my first house and love all the info about the ROI involved in different home improvement projects. Please post more on this topic!
Thanks for the endorsement, Chad! The Cost vs Value report is such a wonderful resource. We will post more soon!