2017 Cost vs Value Report is Now Available
Remodeling Project Cost Estimates for 2017
Every year we look forward to seeing the release of Remodeling Magazine’s Cost vs Value report. We’re able to help our potential clients relate to average costs for specific projects in the Madison area. It helps paint a reality of what kind of investment it will take to complete a job, but more importantly, it allows homeowners to see what kind of return they can expect from a remodeling project.
The Cost vs Value report is compiled from a pool of real remodeling projects to determine an average cost and return on investment for specific project categories. The report is organized by national, regional, and individual DMA markets. Projects are broken into different brackets and each project type is provided a description to allow a homeowner to compare apples to apples.
The return on investment or “Resale Value” of a project is determined by real estate sales figures and is something commonly used by real estate agents to give clients an idea of what a project might cost to make a certain improvement on a home.
There is a large difference in performance between different regions throughout the U.S. and we wanted to highlight some of the different project performance in the Madison area.
Cost vs Value Results for Madison
While we can’t publish all the data, it is free to download at www.costvsvalue.com. You can navigate to the region or city you are most interested in seeing data for and download a report specific to that area.
In Madison, we evaluated the year-over-year changes for a few projects, so we wanted to highlight those.
Overall the best value-adding home improvement projects for 2017 are Manufactured Stone Veneer and Wood Window Replacement. Both have a recouped value of greater than 90% meaning that for every dollar invested, you can expect a 90%+ return.
Another notable highlight from the 2017 data is that we’ve seen significant increases in project costs over the past 5 years. This is likely due to the shortage of labor and general condition of the economy. We’ve also seen some fluctuation in recouped costs for projects like siding replacement (slight increase) and roofing (slight decrease).
Wood Replacement Windows
Replacing windows, especially with wood, is the most significant change from 2016 and it’s also one of the biggest variations from the national averages. For a window project the cost ($18,603 in Madison vs $18,759 nationally) is similar, but the return ($16,750 in Madison vs $13,691 nationally) shows that wood windows have proven to be an excellent investment in the Greater Madison Area.
Interestingly, vinyl windows only show a return of 48.5%. As an Andersen Windows installer and contractor, we’ve been partial to wood windows for years, but this is a validation of choosing to work with a company that provides a quality product for the long-term. Not only is the product more likely to add warmth and energy efficiency to your home, but it’s also supplying increased value to your home from day one.
Basically, windows are the best investment you can make for your home in Madison, WI.
About Wisconsin Home Remodeling
Since 2009 we’ve been remodeling homes in Madison and Dane County, WI. We are a full-service remodeling company with 2 NARI Certified Remodelers on staff! We specialize in projects ranging from kitchens and baths to exteriors and door and window replacement. If you are looking for more information about our company please fill out our contact form or call us at 608-445-5165.
About the Author
Ben Lindberg is a NARI Certified Remodeler in Madison, WI. He is an avid blogger at Wisconsin Home Remodeling and focuses his time on Window Replacement and Entry Door Replacement with Wisconsin Home Remodeling. Ben and his team of remodeling contractor professionals are in a constant state of pursuing remodeling knowledge. You can find out more about his firm at www.WisconsinHomeRemodeling.com.