2006 Cost vs. Value
Home Remodeling Projects –Seattle Area
These figures were just released by Remodeling Magazine concerning a cost vs. value survey done in the Seattle area. The survey compares the cost of 11 popular home improvements with an estimate of the projects recouped value in a one year resale scenario. One thing I want to emphasize is the location of the home is still the key factor in return on investment. If you put more money into the home than the area will support then you run the risk of diminished return on your investment in the remodel. I would be happy to help you calculate the feasibility and merits of any future remodel projects.
Minor Kitchen Remodel Project Description: In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, refinish existing cabinets, and install new energy-efficient wall oven and cooktop, laminate countertops, mid-priced sink and faucet, wall covering, and resilient flooring. Repaint. Job includes new raised-panel wood doors on cabinets.
Project cost: $19,107 Resale value: $23,341 Cost Recouped: 122.2%
Major Kitchen Remodel – Midrange Project Description: Update an outmoded 200-square-foot kitchen by designing and installing a functional layout of new cabinets, laminate countertops, and standard double-tub stainless-steel sink with standard single-lever faucet. Include energy-efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposer, and custom lighting. Add new resilient floor. Finish with painted walls, trim, and ceiling. Include 30 linear feet of semi-custom grade wood cabinets, including a 3-by-5-foot island.
Project cost: $58,957 Resale value: $56,783 Cost Recouped: 96.3%
Major Kitchen Remodel – Upscale Project Description: Update an outmoded 200-square-foot kitchen with 30 linear feet of custom cherry cabinets and stone countertops with imported ceramic tile backsplash. Include built-in refrigerator, cooktop, and 36-inch commercial-grade range and vent hood; warming drawer; trash compactor; combination microwave and convection oven; high-end, undermount sink; designer faucets; and water-filtration system. Add new general and task lighting, including low-voltage undercabinet lights. Install cork flooring with cherry trim. Include a 3-by-5-foot island.
Project cost: $114,852 Resale value: $106,738 Cost recouped: 92.9%
Bathroom Addition Project Description: Add a full 6-by-8-foot bathroom to a house with one or one-and-a-half baths. Locate it within the house’s footprint. Include cultured-marble vanity top, molded sink, tub/shower with ceramic tile surround, low-profile toilet, general and spot lighting, mirrored medicine cabinet, linen storage, vinyl wallpaper, and ceramic tile floor.
Project cost: $33,011 Resale value: $32,417 Cost recouped: 98.2%
Bathroom Remodel – Midrange Project Description: Update a bathroom that’s at least 25 years old. Replace all fixtures to include standard-sized tub with ceramic tile surround, toilet, solid-surface vanity counter with integral double sink, recessed medicine cabinet, ceramic tile floor, and vinyl wallpaper.
Project cost: $14,643 Resale value: $15,326 Cost recouped: 104.7%
Bathroom Remodel – Upscale Project Description: Expand an existing 5-by-7-foot bathroom to 9-by-9-foot within existing house footprint. Add another window bringing total glazing area to 30 square feet. Relocate and replace tub with custom dual 4-by-6-foot shower with top-of-line fittings and full-body wash shower wall, tile and glass block surround. Relocate the toilet into a partitioned area and replace it with one-piece color unit. Add bidet. Add stone tops in custom vanity cabinet with twin designer sinks. Add linen/towel storage closet. Tile floor, papered walls, hardwood trim. Add general and spot lighting. Add humidistat-controlled exhaust fan.
Project cost: $42,541 Resale value: $43,826 Cost recouped: 103.0%
Family Room Addition Project Description: In a style and location appropriate to the house, add a 16-by-25-foot room on a crawlspace foundation with wood siding and fiberglass shingle roof. Include drywall interior with batt insulation, prefinished hardwood floor, and 180 square feet of glazing, including windows, atrium-style exterior doors, and two operable skylights. Tie into heating and cooling.
Project cost: $83,782 Resale value: $65,261 Cost recouped: 77.9%
Window Replacement Project Description: Replace ten 3-by-5-foot double-hung windows with insulated vinyl replacement windows. Wrap the exterior trim as required to match. Don’t disturb interior trim.
Project cost: $11,351 Resale value: $10,325 Cost recouped: 91.0%
Deck Addition Project Description: Add a 16-by-20-foot deck using pressure-treated pine joists supported by 4-by-4-inch posts set into concrete footings. Install composite deck material in a simple linear pattern. Include a built-in bench and planter of the same decking material. Provide a complete railing system made of the same composite as the decking material or a compatible vinyl system.
Project cost: $15,786 Resale Value: $15,174 Cost recouped: 96.1%
Master Suite Addition Project Description: On a house with two or three bedrooms, add a 24-by-16-foot master bedroom suite with bath over a crawl space. Include walk-in closet/dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with solid surface countertop. Carpet bedroom floor, and install ceramic tile on bathroom floor. Paint the walls, ceiling, and trim. Add general and spot lighting and exhaust fan.
Project cost: $106,309 Resale Value: $90,805 Cost recouped: 85.4%
Roof Replacement Project Description: Remove existing roofing to bare wood and dispose of properly. Install 30 squares of fiberglass asphalt shingles with new felt underlayment, galvanized drip edge, and mill-finish aluminum flashing.
Project cost: $16,591 Resale value: $14,273 Cost recouped: 86.0%
I hope you find this information useful. If you have any questions or need referrals to great service providers, including remodeling contractors, or builders, please give me a call at (425) 466-1000.
EastsideHomes.com – Seattle’s Eastside Real Estate Resource
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