Estimated reading time: 1 minute, 54 seconds
Every year at this time Remodeling Magazine issues the Cost Vs Value report so that we may see the value of the remodeling projects we are creating in relation to the value you get for your investment. Here at Levco we are excited to see it and read the conclusions that the industry gurus have. It’s not like my birthday or anything but I do look forward to it.
Let me make myself clear this is merely an indicator, not a prescriptive thing at all. I know it is really easy to pour money into a home that you never recoup. This just helps you understand trending and basic cost for things that we can remodel for you.
What I love about it is that it is consistent. In other words, there are no moving specifications. A basic bathroom remodel this year has the same specifications of the basic bathroom for last year, and so on. The report looks at common remodeling projects that are done across the country.
There are many conclusions this year as well as a general feeling of rebirth for the remodeling industry. As the value of homes rises disproportionately to the cost of doing a project, the ROI (return on investment), in other words, it’s becoming better to do home improvement projects across the board. Overall, home values have jumped 11.5% and the value of a remodeling project jumped 66.1%, which is a 5.5% increase over last year, even with a modest 2.2% increase in overall construction cost.
Because of this nation wide phenomenon we’re experiencing, it is easier to find the financial tools and assistance to get the job done. Blossoming values also fulfill my prediction of the cyclic nature of the housing industry as a whole and I find that calming.
Our remodeling pipeline is filling up nicely and I look forward to making many clients very happy this year.
Your comments are welcome. To ask questions or get more information about remodeling, click here to email me directly, or call 208-947-7261