Budget Drives the Scope
Every home renovation is unique and therefore so is the cost. Accurately estimating your project will take time. We feel that it’s time well spent to develop a game plan for a successful remodel.
Please take a look at the link provided below to gain an understanding of our project budget ranges. Keep in mind, these are average costs throughout New England. Varying factors will determine overall costs including age of home, condition of utilities, and desired fixtures. We’ll be able to offer more specifics on your project during our initial discussions.
Click here for 2020 Cost vs. Value in Portland, Maine
The following information below was taken directly from the page link above – all credit goes to remodeling.hw.net
2019 NATIONAL AVERAGES
National Cost vs. Value Averages
M = MIDRANGE PROJECT | U = UPSCALE PROJECT
|PROJECT||JOB COST||RESALE VALUE||COST RECOUPED|
|Minor Kitchen Remodel – M||$22,507||$18,123||80.5%|
|Major Kitchen Remodel – M||$66,196||$41,133||62.1%|
|Major Kitchen Remodel – U||$131,510||$78,524||59.7%|
|Bathroom Addition – M||$47,427||$28,726||60.6%|
|Bathroom Addition – U||$87,704||$51,000||58.1%|
|Bathroom Remodel – M||$20,420||$13,717||67.2%|
|Bathroom Remodel – U||$64,743||$38,952||60.2%|
|Universal Design Bathroom – M||$33,374||$20,868||62.5%|
|Deck Addition (Composite) – M||$19,150||$13,232||69.1%|
|Deck Addition (Wood) – M||$13,333||$10,083||75.6%|
|Midrange Backyard Patio – M||$56,906||$31,430||55.2%|
|Manufactured Stone Veneer – M||$8,907||$8,449||94.9%|
|Master Suite Addition – M||$130,986||$77,785||59.4%|
|Upscale Master Suite Addition – U||$271,470||$136,820||50.4%|
|Siding Replacement – M||$16,036||$12,119||75.6%|
|Grand Entrance (Fiberglass) – U||$8,994||$6,469||71.9%|
|Window Replacement (Wood) – U||$20,526||$14,530||70.8%|
|Window Replacement (Vinyl) – U||$16,802||$12,332||73.4%|
|Entry Door Replacement (Steel) – M||$1,826||$1,368||74.9%|
|Garage Door Replacement – U||$3,611||$3,520||97.5%|
|Roofing Replacement (Asphalt Shingles) – M||$22,636||$15,427||68.2%|
|Roofing Replacement (Metal) – M||$38,600||$23,526||60.9%|
The reason for high returns on exterior projects, and especially facade facelifts, stems from the valuations set by the real-estate community. In order to make the best use of the Cost vs. Value tool, a remodeler has to think like a real-estate broker. “Curb appeal” and “first impressions” are central to a real-estate professional’s estimation of resale value. Granted, a home’s exterior will only persuade potential buyers to see more, and first impressions can vary from one individual to the next. But the impact these impressions make is critical in setting the stage for what a buyer is willing to pay for a home.
The larger discretionary projects, such as kitchen, bath, and master-suite remodels, tend to be too individualized to provide broad, lasting appeal. There is no one best cabinet style or color, no perfect tile or fixture design, that garners universal affinity. Certainly, there are design trends that have wide appeal among a range of homeowners. But because of the vast differences in aesthetic tastes, one person’s elegant new kitchen or bath will be viewed by a range of other prospective buyers as tacky and outdated and in desperate need of a reset.
Given the wide variety of client tastes, and the remodeling industry’s immense capacity to service those diverse needs, remodelers understandably tend to be focused on a lot more than resale value when discussing a project. Pride in design and craftsmanship, long-term durability of materials, occupant health and safety, reductions in liability, and driving repeat business are all top of mind for remodelers, but they are not necessarily understood by clients. If you can adjust your focus to think like a broker first, you can dull clients’ No. 1 pain point, cost, with a discussion of the costs that can be recouped. Once that’s firmly established, and the clients feel reassured they are not throwing good money after bad, you can go on to show them how to think like a remodeler, raising their understanding and appreciation of the total value, not just resale value, of a home.
Investment Value Trends
While the percentage of costs recouped are trending downward for all of the replacement projects covered by Cost vs. Value, this change primarily reflects the sharp increase in material costs over the past summer. Material costs tend to comprise a greater proportion of replacement projects compared with larger indoor remodels, which have a higher percentage of labor costs. Provoked by trade tariffs and uncertainty that roiled commodity markets over the summer, lumberyards and supply houses began sending customers regular notices about cost increases, right when the cost evaluations for Cost vs. Value were being completed. The cost of the steel door replacement is the most dramatic example of this, with an increase of 24% year-over-year from 2018 to 2019. The percentage change in cost recouped—a decline of 16.4% year-over-year— looks startling, but the relatively low cost for this project means the change in cost in actual dollars—from an average of $1,471 to $1,826—is not nearly so heart stopping.