Remodel Magazine recently released its annual cost vs. value report that compares the average price for various remodelling projects with the estimated value the project adds to the home. In addition to national and regional averages, the report includes reports for 80 US cities, including Portland. So what projects bring the best and worst returns?
According to the Remodeling Costs vs Value Report 2010-2011, one of the best projects you can do is replacing old siding with new, fiber-cement product. In Portland, the average cost for this project was $13,685 and increased the value of the home by $10,546, a 77.1% return. Other projects that bring a great return are remodelling an attic or basement, replacing your entry door with a new, steel door, and a midrange, major kitchen remodel. All of these projects provide near or over 70% return on investment.
What projects are the worst? In general, upscale remodels do not provide as good a return. An upscale master suite addition provides less than 50% return. An upscale major kitchen remodel comes with a high price tag...on average over $114,000, while returning less than $66,000.
In any project, there are lots of ways to save money. Find a contractor that will let you do some of the work yourself, such as painting or removing old cabinets. Do your homework! Research various products before talking to a contractor and get quotes from several different companies before starting your project.
To read the full Costs vs. Value Report, go to http://www.remodeling.hw.net/2010/costvsvalue/national.aspx
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