Remodeling Cost versus Value in 2018
The 2018 Cost versus Value report has some good news for homeowners planning to remodel a bathroom or kitchen this year.
This annual report is published by Hanley Wood and Remodeling Magazine, and is used as an industry benchmark in estimating project costs and how renovation projects affect home resale values. The “CVV” report compares average costs of the most popular remodeling with the value those projects retain at when a home is resold.
Of particular interest is the report on a “Major – Midrange Kitchen Remodel.” This project includes updating a 200 square foot kitchen with semi-custom wood cabinets, including the addition of a 3-by-5-foot island. This project is also priced using modern laminate counters, double-tub stainless-steel sink with single-lever faucet, a new energy-efficient range, ventilation system, built-in microwave, dishwasher, garbage disposal, and custom lighting, with new resilient flooring and is finished with painted walls, trim, and ceiling. The national average for this project in 2018 is about $63,000, and retains about 60% of its value at resale.
Another great project for 2018 is a “Midrange Bathroom Remodel.” This is a relatively simple project where an existing 5-by-7-foot bathroom is updated on its existing footprint. We add a new ceramic tile floor, a new 30-by-60-inch porcelain-on-steel tub with 4-by-4-inch ceramic tile surround and new faucet, a new white toilet, recessed medicine cabinet with light, and solid-surface vanity counter with integral sink. The national average for this type of project is just a little over $19,000, but it retains over 70% of its value upon resale.
CliqStudios can be a great partner on these types of renovations. We’re confident that our factory-direct prices can help make the most of our your kitchen remodel, without having to sacrifice style, storage, or quality. CliqStudios’ vanities will give any bathroom that type of upscale “spa” look and feel that home buyers gravitate toward.
It’s important to remember that these numbers are national averages. Cost and value may vary widely in your area. If a home improvement project is in especially high demand, or areas with a hot real estate market, a project can pay back more than 100% of its cost. In other parts of the country, slow home sales may drive down the value of a particular project.