Hanley Wood releases REMODELING Magazine’s 2014 Annual Cost vs. Value Report
Highlighting best remodeling projects for maximum return on investment
By John Crosby
Hanley Wood announced the release of REMODELING magazine’s 27th annual Cost vs. Value Report, comparing construction costs with resale value for 35 of the most popular home improvement projects. The 2014 report provides increased coverage to 101 U.S. markets with an addition of 19 cities. The entire report – including interactive infographics – is available at www.costvsvalue.com and at the newly redesigned REMODELING website, www.remodelingmag.com. REMODELING’s website is now mobile optimized so the Cost vs. Value Report can be viewed on tablets and smart phones.
For the second consecutive year, Cost vs. Value data show that the value of remodeling is up for all 35 projects included in the survey. The trend signals an end to the long slide in the cost-value ratio, which began its fall in 2006 and didn’t begin to rebound until 2013. For 2014, the cost-value ratio stands at 66.1%, a jump of 5.5 points over last year and the largest increase since 2005, when the ratio jumped 6.1 points to reach its high of 86.7 percent.
“For the first time in four years, improved resale value of residential housing had more of an influence in the cost-value ratio than did construction costs,” said Sal Alfano, Editorial Director of REMODELING.
In 2014, the top recouping projects were:
Under $5,000: Entry Door Replacement (96.6%); Garage Door Replacement (83.7%); Garage Door Replacement (82.9%) and Fiberglass Entry Door Replacement (70.8%)
$5,000 - $25,000: Wood Deck Addition (87.4%); Fiber-cement Siding Replacement (87.0%); Minor Kitchen Remodel (82.7%); Wood Window Replacement (79.3%); Vinyl Window Replacement (78.7%)
$25,000 - $100,000: Attic Bedroom (84.3%); Basement Remodel (77.6%); Major Kitchen Remodel (74.2%); Garage Addition (69.3%); Family Room (68.8%)
Greater than $100,000: Two-Story Addition (71.8%); Master Suite (67.5%); Major Kitchen Remodel (63.6%); Master Suite (56.0%)
Visit the Cost vs. Value website at www.costvsvalue.com to download side-by-side national, regional, and city data tables.
About the Author
John Crosby is the Executive Director of Customer Marketing at Hanley Wood.