The editors at Hanley Wood’s Remodeling magazine prepared an extensive analysis of remodeling cost versus value across the U.S.. It compares construction costs for 35 popular remodeling projects to the value those projects retain at resale. The full report is available at www.costvsvalue.com, but we have summarized the information that is pertinent to our region.
A minor kitchen remodel has an average job cost of $21, 678.00 (minor meaning more of a facelift – surface only). Its value at resale is $14,144 (65.2% recouped).
A major kitchen remodel has an average job cost of $58,149.00 (movement of walls in addition to facelift). Its value at resale is $36,373 (62.6% recouped).
An upscale major kitchen remodel has an average job cost of $113,027.00. Its value at resale is $61, 017 (54% recouped).
While these values have been on the decline since 2006, we hope to see the percentage of value recouped to rise within the next few years.