Remodeling Cost vs. Value Report 2010 – 2011Posted by in In The News
Remodeling magazine’s Cost vs. Value report is out and as usual is packed with data and information that is useful for every homeowner considering a remodeling or renovation project. The report covers interior and exterior projects and contains information on re-couping costs for virtually every area of the home.
As expected, the figures were down for most every project and almost every region of the country however there are signs that the market is looking up for next year. The data show that estimated project costs were down by more than 10% but this was coupled with home resale values that dropped by 15.8% which was the steepest decline in more than eight years.
That being said, replacement projects occupied much of the top ten on the project list. This is partly due to the fact that many such projects are need based and they are mostly low cost projects to complete. Projects such as entry door replacement and garage door replacement are very affordable and go a long way towards the improved curb appeal of a home. For tile companies like ours we were heartened to know that a minor kitchen remodel remained in the top ten as it always does, but with a higher price tag to complete homeowners are more cautious about proceeding with such projects.
Harvard’s Joint Center for Housing Studies is calling for a rebound in the Remodeling market for 2011 and we certainly hope that prediction is correct. We firmly believe that homeowners can do no wrong by spending wisely on projects that improve their largest investment – their home.
As we look through the report more and more we will share our thoughts on the data that appears to be most useful and interesting for homeowners and of course our customers.