The 2018 Cost vs Value Report is in!
It’s here folks, the moment we’ve all been waiting for. For those of you that don’t know, the Cost vs Value report is a pretty big deal in the industry. Each year, Remodeling Magazine compiles cost data for average remodels across the United States. Among that data is the cost to complete a remodel, as well as the value retained at resale. 100 US markets are sourced for 21 popular remodeling projects.
A couple key trends to be aware of:
- Garage Door Replacement at the top of the list for most value/cost recouped.
- Backyard Patio at the bottom of the list with least value/cost recouped.
- Deck Addition (composite) in the middle of the pack, mid-range value/cost recouped.
- Greater shortage of skilled workers in disaster-struck areas (Texas, Florida). Those workers are expected to fix up their own property. Employers pressured to respond with pay hikes.
- Out of 20 common remodel jobs, there is an average payback of 56.8%. That’s about a point lower than 2016. Major factors that play into this are rising costs for almost all projects, with value only rising in two-thirds of projects.
To see the entire 2018 Cost vs Value report, click here.
Thanks for reading!