Comfort, convenience, and aesthetic satisfaction are some of main reasons people remodel their homes. But just as important for many is the increase in the value of their property. How much value a project returns depends on where the house is, what shape it’s in, and the quality of the work. In some markets, value can increase by as much as the cost of the remodel. Sometimes by even more.
To help you counsel you clients on their on remodeling decisions, REALTOR® Magazine is teaming up with Remodeling Magazine for the fourth straight year to bring you the “Cost vs. Value Report.”
The report compares the estimated cost of popular home renovation projects with the expected value they’ll add at sale time. Real estate professionals in 60 regions provide you with value estimates on 10 popular projects.
Of all the projects we include, the minor kitchen remodel would likely contribute most to home value, experts say, returning a national average of 88 percent of cost. Next highest is the bathroom remodel, which recoups a national average of 85 percent. The home office, which seems to lack universal appeal, yields the least return—55 percent nationally. In between, we profile such projects as the major kitchen remodel, family room addition, deck addition, master suite, attic bedroom, siding replacement, and window replacement. To see the cost-value estimate of each project for your area, see the charts accompanying the project descriptions on the following pages.
Cost estimates for all projects were provided by HomeTech, Bethesda, Md., a publisher of estimating and management information for professional remodelers.
Be sure to see the design tips that accompany each project description. Four top remodelers offer design and construction tips to consider when renovating with resale in mind. They are Alan Freysinger, Design Group Three, Milwaukee; Judy Kurtz, Sylvestre Construction, Minneapolis; Ken Moesline, Swing Line Windows, Pittsburgh; and N. Claibourne Porter Jr., NCP Construction, Anchorage, Alaska.
Editor’s note: Remodeling magazine, published by Hanley-Wood LLC, Washington, D.C., has been publishing the “Cost vs. Value Report” annually for more than a decade. We’d like to thank the editors and designers at Remodeling, as well as the contributors listed below for helping us bring this report to you.
Resale values for the “2001 Cost vs. Value Report” were estimated by the following real estate sales and appraisal professionals. REALTOR® Magazine is grateful for their assistance.
ALBANY, N.Y. Walter F. Kresge, Albright-Kresge Inc.; Robert Blackman, Blackman & Destefano Real Estate; Phyllis Barbera, Realty USA; Bob Sandberg, Coldwell Banker Prime Prpts. BALTIMORE Harry Edwards, Long and Foster Real Estate; Paul Lee, Paul E. Lee & Associates; Bob Ordakowski, Long and Foster Real Estate; Daniel Billig, A.J. Billig & Co.; Daisy Jackson, Century 21 H.T. Brown Real Estate Inc.; Barry Nabozny, AAA Appraisers BOSTON Judy Leonelli, Century 21 Millennium; David L. Thomas Jr., CityState LLC Real Estate; Ilona Kuphal, DeWolfe Boston Real Estate BURLINGTON, Vt. Staige Davis, Lang Associates; Mike Bemis, Bemis Appraisal Service Inc.; Mac Teeson, Teeson Real Estate; Michael Ray, Hickok & Boardman Realty; Charlene Stavenow, Stavenow Appraisal Services GARDEN CITY, N.Y. Dougall Fraser, Dougall Fraser; Anne Hagen, Village Realty; John Pastula, John Pastula Real Estate; Jill Mayer, Stutzmann Realty Inc.; Anthony Delrosso, Andel Realty HARTFORD, Conn. Nancy Hogan, Prudential Connecticut Realty; Dorris Manganelli, Prudential Connecticut Realty; Dennis Veleas, Realty Executives Capitol Region; Esther Eddy, Century 21 Eddy LANCASTER, Pa. Earl Shirk, Realty 1; Mary Clinton, Appraisal Associates; C. David Ruff, Century 21 Neighborhood Realty NASHUA, N.H. Martin Tymowizz, Century 21 Cardinal Inc.; Dan MacIntyre, Prudential Crain Realty; Lance Goodwin, Goodpro Realty Group; Elizabeth Leclaire, Prudential Verani-Crain Realty NEW HAVEN, Conn. Arlene Iannone, William Raveis Home-Link; John Gomes, Calcagni Real Estate; Barbara Schmerz, US Homefinders Inc. PASSAIC, N.J. Joyce Svendsen, Svendsen & Co. Real Estate; Ilona Shami, Weichert, REALTORS; Carole Viola, Century 21 ACV Real Estate Associates PHILADELPHIA Thomas Lombardi, RE/MAX Eastern Inc.; Carol Alton, Prudential, Fox & Roach; Hal Solar, Homemart Real Estate Inc.; Charles Dorkey, Charles Dorkey; Deborah Solo, Solo Real Estate PITTSBURGH Terri Kulzer Love, Kulzer & Co. Inc.; Tade Bua-Bell, Coldwell Banker; Glenn Ott, Albert W. Ott Agency Inc.; Laurie Wygonik, Howrd Hanna Real Estate PROVIDENCE, R.I. Robert Scaralia, RE/MAX 1st Choice; Dianna McKenna, Bromley Construction & Appraisal Co.; Robert Rondeau, Century 21 Rondeau; David Fletcher, Bay State Buyers Real Estate; Michael Saccoccio, Century 21 Alliance Group WESTCHESTER, N.Y. Mary Ellen Bickler, Brown-Bickler & Co.; Pat Warnken, Prudential Centennial Realty; Sally Siano, Sally Siano & Associates Real Estate; Angel Messenger, Claire D. Leone Associates; Martha Krakow, Coldwell Banker Residential Brokerage; Dorothy Jensen, Dorothy Jensen Realty WILMINGTON, Del. Steve White, First State Appraisals; Laura Robelen, Prudential, Fox & Roach; Buck White, Aardvark Realty; Steven Sachs, Steven Sachs Appraisal Access LLC; Barbra Menzian, Patterson-Schwartz Real Estate; Steven Witsil, Witsil, REALTORS
ATLANTA Judy Shaffer, Prudential Atlanta Realty; Jim Ware, Northside Realty; Kitty Barr, Marchman McClain & Co., REALTORS; J. Carl Schultz Jr., Integra Schultz-Northington; Carol McGinnis Yeje, RE/MAX Greater Atlanta BIRMINGHAM, Ala. T.L. Inman, Inman Real Estate–Apprasials; Della Pender, Ebsco Industries Inc.; Emma Bell, Altamont Properties Inc.; Ari Lee, Avenue of Homes Inc.; Tom Horton Jr., Horton Appraisals COLUMBIA, S.C. Nick Collins, C & S Appraisal Services; Susie Satterfield, Coldwell Banker Tom Jenkins Realty; Reid Cope, Century 21 Bob Capes, REALTORS; Brian Gillespie, Russell & Jeffcoat, REALTORS; Buddy Wilson, Century 21 Bob Capes, REALTORS; Jennifer McBroom, Russell Jeffcoat, REALTORS DALLAS-FORT WORTH John Scarborough, Crosson Dannis Inc.; George West, George F. West & Associates; Aubrey Barree, A. Barree Co. Inc. Century 21; Marshall N. Hall, Integrity Mortgage; Sherryl Wesson, Ebby Halliday, REALTORS HOUSTON Frank Dyer, Reliance Appraisal Group; Annie Raburn, Coldwell Banker Madeline O’Brien, REALTORS; Charles Wade, J.E. Elliott Co.; William Bodwell, Houston Enterprises & Real Estate JACKSONVILLE, FLA. Reginald Carter, Carter Appraisals; Jim Manken, Manken Appraisal Services Inc.; Albert Schall, A. Schall, REALTOR, Inc.; Kathy Shirley, Kathy Oehler, REALTORS/Watson Realty; Bonnie Siecker, Century 21 Dames Point Realty KNOXVILLE, Tenn. Fred Metz, Dunn & Metz Appraisal Group; Tracey Wheeler, Appraisal Associates; Margaret Fraser, Fraser Properties; John Ritchie, Real Estate Learning Co.; Donnie Ellis, Ellis Appraisal Service LOUISVILLE, KY. Darrell Weaver, RE/MAX Properties East; John Marshall, Elite Homes & REALTORS; Saul Anhouse, MJA Inc.; Steve DeGaris, Edelen & Edelen, REALTORS; Bill Mason, Mason Co., REALTORS MIAMI Niurka Serpak, Serpak Group Ltd.; Daniel Pilato, Pilato Appraiser and Realty; Stephen Maltagliati, Appraisalworks Inc.; Michael Rotbart, Rotbart & Associates Inc. NEW ORLEANS Walter Marschner, Jefferson Parish Appraisal Service Inc.; Isabel Reynolds, Prudential Gardner; AlPalumbo, Latter & Blum Inc.; John Clancy, John Clancy Appraisal; Christopher Bellone, Conway Construction & Development Co.; Kathleen Ford, Prudential Gardner RALEIGH-DURHAM, N.C. Rick Hardy, Howard Perry & Walston; Bob Mulder, Birch Appraisal Group; Larry Pulley, Howard Perry & Walston; Nelly Tanas, York Simpson Underwood; Carolyn Osgood, York Simpson Underwood RICHMOND, VA. Jack Paganelli, Coldwell Banker Stevens; Douglas Brazier, Barton & Co.; Will Leonard, Leonard Appraisal Services; Lummie Jones, Napier, REALTORS, ERA; Chris Quidort, Appraisal Network of Virginia TAMPA, FLA. Harold Welch, HRW Appraisal Services; Mark Silverstein, Pardue, Heid, Church, Smith, & Waller of Tampa; Roger Woodward, Arvida Realty; Flip Kenyon, Kenyon Real Estate Appraisal & Investment; Sandy Hersh, Top of the Bay Realty Inc. TULSA, OKLA. Treva Than, Century 21 Procorps; Barbara Edson, Edsonian, REALTORS; Thomas Allen, Thomas E. Allen Appraisals LLC; Martin Reidy, Martin Reidy Real Estate Appraisal; Jeanne Young, Young Properties; Jennifer Rex, Ellen & Co. Real Estate WASHINGTON, D.C. Mary Lou Shannon, Long and Foster Real Estate; Donna Evers, Evers and Co.; Manuel F. Mesa, Cosmopolitan Appraisal Service; Yolanda Mamone, Randall H. Hagner & Co.
CHICAGO Mary Ziebell, Coldwell Banker Sprafka; Jack Sartore, Adams & Myers, REALTORS; Melissa Nowak, Nowak Realty Inc.; Kimberly Brown Washington, Prosperous Investments and Realty LLC; Olivia Bradley, Affordable Homes of Illinois CLEVELAND Reginald T. Evans, RTE Appraisal Services; Judi Patriski, Patriski & Associates; Ron Monyak Sr., M & S Real Estate Appraisals COLUMBUS, Ohio Danielle Tilly, RE/MAX City Center Inc.; Charles Triplett, Vision Realty; Ben Corcoran, The Appraisal Group Inc.; Tom Francis Jr., Real Property Analysts Inc.; Charles Pavey, Charles Pavey Appraiser DES MOINES, Iowa Ray Dennis, Coldwell Banker Mid-America Group; Marge Houser, RE/MAX Opportunities Inc.; Lynn Carlson, Iowa Realty; Michael Sheridan, RE/MAX Real Estate Group DETROIT Oliver Walker, All World Appraisal Co. Inc.; Cecily Bliesath, Century 21 Town & Country; Doug Mason, Coldwell Banker Preferred, REALTORS; Creighton Smith, Creighton Realty Ltd. FARGO, N.D. Mark Vanyo, Coldwell Banker 1st Realty Encore; Dan Madsen, Metro, REALTORS; Randy Schwartz, Town & Country; Pam Kensok, Town & Country Realty Inc.; Dick Arman, RE/MAX Realty One GRAND RAPIDS, Mich. Betsy Westman, Westman Realty Inc.; Pat Vredevoogd, AJS Realty; Dave McKee, C.D. McKee Real Estate; John Wallsteadt, Blandford Appraisal Co.; Tina Sprich, Fletcher Realty Co.; Herbert Williams, Herbert Williams Real Estate Indianapolis Sarah Huff, F.C. Tucker Co. Inc.; David Woods, Woods Appraisal Service; Greg Spudic, Spudic Real Estate Services Co.; Dan Moriarty, RE/MAX Preferred, REALTORS KANSAS CITY, Mo. Esther Hurelbrink, Century 21 Klahn; Robert Conn, Flood Conn Enterprises LLP; Allen Norman, Arnco Appraisal & Inspection Svc. MADISON, Wis. Dick Malsch, First Weber Group Inc.; Nancy Benzschawel, Restaino Bunbury & Associates; John Clark, Clark Appraisal; Bill Kessler, Century 21 Affiliated; Frederick Bucksbaum, The Appraisal Group MILWAUKEE Nancy Carpenter, Ogden & Co. Inc.; Michael Holzhauer, Michael Holzhauer Appraisal Service Inc.; Scott Kuesel, Century 21 Alliance; Ken Hase, Range Line Realty & Cnstr; Therese Kasemodel, Shorewest, REALTORS; Henry Thinnes, Henry A. Thinnes Appraiser MINNEAPOLIS Pat Hogan, Virtual Realty Associates; Steve Smith, Proforce Corp.; Cynthia Cadwallader, Cadwallader Realty; Steven Eakins, Steven K. Eakins ST. LOUIS Leila Burrus, Prudential Alliance, REALTORS; Laura Paperner, Margaret Wright Carodine Inc.; Michael Kendrick, Coldwell Banker Residential Brokerage; David Pope, Pope Inc., REALTORS; Jody Miller, Gundaker, REALTORS SIOUX FALLS, S.D. Paul Anderson, RE/MAX Professionals Inc.; Marshall Miller, Miller Appraisal Professionals; Jim Weber, Weber Realty; Mary Ellen Maxwell, Hastings Johnson & Nelson Real Estate; Dale Chell, Prudential Chell, REALTORS WICHITA, Kan. Margaret Dewitt, Realty Executive Center; Michael Gisick, Realty Executives of Wichita; John Todd, John Todd & Associates; Sandi Denner, Crown III Realty; Myron Klasson, Plaza Real Estate
ALBUQUERQUE, N.M. Melody Dudley, SunStar Associates, REALTORS; Evelyn Rivera, Rio Real Estate Services; Leonard Torres, Vaughan Co., REALTORS; Mary Jo Sarason, Century 21 Unica Real Estate BOISE, Idaho Clare Gaylord, Prudential Idaho Properties; Russ Stanley, Lebois Realty; Ken Ritchie, Holland Realty; Tom Rhodes, The Village Co. Inc.; Steve Herrick, Homeland Realty; Jim Dawson, Jim Dawson Appraisal Services; Patrick Williamson, Group One Real Estate COLORADO SPRINGS, Colo. Frank Howard, Heritage, REALTORS; Preston Pfeil, Coldwell Banker Walker & Co.; Glenn McGuire, GW McGuire Inc.; Tom Biesterfeld, Century 21 Academy Realty DENVER Darrell Siecgrist, DBA Reliable Appraisals; Art Klinowski, Majestic Appraisal Service; Bob Distel, Park Place Brokers; Arthur Alarcon, ARA & Associates HONOLULU Kathy Lau, KM Lau & Associates; Patricia Chung, Manoa Realty; Glenn Honda, Islandsites Inc.; Rod Johnstone, Johnstone & Associates LAS VEGAS Charles Osgood, RE/MAX Central; Mike Dondero, Prudential Americana Group, REALTORS; Richard Graham, Richard Graham; Betty J Adams, ASF Realty and Investments LOS ANGELES Rob Nesbitt, Wilshire Metro Realty Inc,; John Closson, Prudential California Realty/ John Aaroe Division; Eaton Fararo, RE/MAX, REALTORS; Fred Rohde, Kirshner Rohde Appraisal Services PHOENIX David Jarnagin, Jarnagin Appraisal Ltd.; Israel Ramos, Israel Finley Ramos, REALTORS; Jacquie Graham, John Hall & Associates; Shelly Berry, RE/MAX Uptown PORTLAND, Ore. Sarah Gourde, Prudential Properties; Risa Wonsyld, Windermere Glenn Taylor Real Estate; Yvonne Davis, RE/MAX Equity Group Inc.; Linda Estes, Georgetown Realty; Matthew Meyer, Meyer Appraisals; Clarence Schaub, Larry Schaub Realty; Glenn Farrell, John L. Scott Real Estate SACRAMENTO, Calif. Steve Walker, Walker Realty; Cathy Stratton, Bruce Mills, REALTOR, Inc.; Ilah Turner, Camelot Realty; Paul Batterson, Conpal Valuation; Rosa Johnson, RJ Real Estate Services Inc. SALT LAKE CITY Scott Pexton, Chapman Richards; Vicki Fulkerson, Hidden Valley Real Estate; Jeff Wakier, Wankier Appraisal Communications; Ken Clifford, Prudential Utah Real Estate SAN DIEGO Ginny Ollis, Coldwell Banker Real Estate; Lauri McSwain, McSwain Real Estate; Jeff Presar, Presar Realty; Abraham Salazer, Coronado Realty; Patrick Park, Prudential Dunn, REALTORS SAN FRANCISCO Bruce McKleroy, Ritchie Hallanan Real Estate; John Asdourian, McGuire Real Estate; John Sampson, John F. Sampson Associates; Billy Graham, Graham & Co.; Neil Gibbs, Neil Gibbs SEATTLE Neil MacDonald, Windermere Real Estate-Wall St. Inc.; George Johnson, George W. Johnson, REALTORS; Tom Denend, Windermere Real Estate-Vashon Island; Jim Pettigrew, RE/MAX Northwest, REALTORS SPOKANE, Wash. Bob Eide, Robert Eide; Randy Beigh, Blue Apple Appraisals; Bill Slater, Century 21 Advanta; Arend Dawson, A-AAA Real Estate Appraisal; Lyle Putz, Tomlinson Black Valley Inc.