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1 from Remodeling Magazine and REALTOR Magazine 2004 Cost vs. Value Report

2 2004 COST VS. VALUE REPORT Home Remodeling can pay big dividends to sellers at resale. investments The Projects Percent cost recouped P. 3 Major kitchen remodel midrange 79.4% upscale 80.3% P. 4 Master suite addition midrange 80.1% upscale 77.6% P. 5 Minor kitchen remodel 92.9% Family room addition 80.6% P. 6 Bathroom remodel midrange 90.1% upscale 85.6% P. 7 Bathroom addition midrange 86.4% upscale 81.1% P. 8 Attic bedroom 82.7% Basement remodel 76.1% P. 9 Sunroom addition 70.8% Deck addition 86.7% P. 10 Window replacement midrange 84.5% upscale 83.7% P. 1 1 Siding replacement 92.8% Roofing replacement 80.8% What s the value to your clients of a major kitchen revamp or a bathroom redo when they list their home? This seventh annual Cost vs. Value Report will tell you. It looks at the cost-toconstruct for common remodeling projects against the added value those projects bring at resale. This year s report, again published in conjunction with Remodeling magazine, includes 18 projects, many with midrange and upscale versions. This year we increased the number of cities reporting estimates from 35 to 53*. Where we get the data Cost data for the Report come from HomeTech Information Systems, a remodeling estimating software company in Bethesda, Md. Costs are adjusted to account for city-to-city pricing variations. Resale values don t reflect actual sales made on remodeling projects. Instead they re based on NATIONAL ASSOCIATION OF REALTORS members professional judgment. surveys containing cost and median home price data for each city were sent to more than 20,000 appraisers, brokers, and salespeople generating 356 responses (a 1.78 percent response rate). Specpan, a market research company, managed the survey process. According to The Farnsworth Group, an consulting firm that analzed the survey data, the accuracy rate is plus or minus 5 percent to 10 percent. What do the numbers mean? Numbers may appear high or low simply because of the leveling effect of averaging and because costs, profit margins, and project scope can vary widely from market to market and even house to house. Return depends on the value of the house, the value of similar homes in the immediate area, the availability and pricing of new homes, and the rate at which property values are changing in surrounding neighborhoods. For some projects, resale value is projected to be more than 100 percent of the original investment, in some cases, quite a bit more. This is characteristic of markets where property values are rising very rapidly but also in areas where certain types of remodeling projects are taken for granted. Ultimately, a remodel offers sellers two distinct but no less important benefits: pride of ownership and tax-free equity when they sell. Sal Alfano, editorial director of Remodeling magazine, and Christina Hoffmann Spira, managing editor of REALTOR Magazine *We surveyed 60 markets but received insufficient data from ; ; ; ; Des Moines, Iowa; ; and to report numbers from those markets. 2 REALTOR Magazine December

$43,449 $36,418 83.8% 42,368 46,250 109.2 43,853 * 41,319 39,250 95.0 46,733 * 43,340 * 38,409 * 41,987 21,250 50.6 45,323 35,000 77.2 39,742 29,000 73.0 47,815 43,594 91.2 46,123 * 43,883 29,250 66.

3 $43,449 $36, % 42,368 46, ,853 * 41,319 39, ,733 * 43,340 * 38,409 * 41,987 21, ,323 35, ,742 29, ,815 43, ,123 * 43,883 29, ,513 52, ,393 28, ,934 39, $44,383 $31, % 48,249 54, ,272 33, ,027 22, ,745 24, ,256 * 46,719 9, ,936 31, ,813 36, ,944 21, ,795 29, ,563 37, ,568 45, ,576 39, ,894 24, $39,712 $32, % 41,733 43, ,164 25, ,175 37, ,217 31, ,162 29, ,429 22, ,077 * 41,677 32, ,950 34, ,874 43, ,496 54, ,857 26, ,347 23, ,485 34, ,721 24, ,374 22, ,301 39, ,775 31, $43,976 $35, % 40,562 26, ,584 20, ,509 24, ,859 27, ,762 36, ,899 32, ,938 32, ,412 32, ,336 43, ,219 38, ,969 41, ,834 59, ,807 50, MIDRANGE Major kitchen remodel Job cost: $42,660 Resale value: $33, % Update an outmoded 200-square-foot kitchen with new cabinets, laminate countertops, and standard double-tub stainless-steel sink with standard single-lever faucet. Include energyefficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, and garbage disposer. Add custom lighting and new resilient floor. Finish with painted walls, trim, and ceiling. Include 30 linear feet of semi-custom grade wood cabinets, including a 3-by-5-foot island. $76,315 $62, % 74,991 72, ,406 * 73,002 62, ,717 * 77,506 * 67,892 * 72,827 29, ,009 60, ,397 55, ,661 80, ,987 * 77,578 47, ,788 85, ,975 55, ,993 75, $77,809 $55, % 83,987 85, ,342 56, ,359 50, ,556 41, ,760 * 82,630 26, ,598 50, ,017 61, ,780 43, ,543 46, ,438 68, ,796 74, ,865 70, ,657 42, $70,380 $61, % 73,425 $74, ,987 59, ,094 57, ,184 56, ,549 88, ,879 38, ,405 * 73,768 61, ,657 65, ,296 73, , , ,989 42, ,644 44, ,897 58, ,765 38, ,546 46, ,056 78, ,990 51, $77,807 $62, % 71,672 47, ,987 46, ,421 47, ,058 43, ,769 70, ,011 42, ,456 55, ,998 61, ,978 73, ,154 67, ,543 71, , , ,234 80, UPSCALE Major kitchen remodel Job cost: $75,206 Resale value: $60,367 Update 200-square-foot kitchen with stone countertops, imported ceramic tile backsplash, and 30 linear feet of custom cherry cabinets. Include built-in refrigerator, cooktop, and 36-inch commercial-grade range and vent hood; dishwasher; and built-in warming drawer, trash compactor, and microwave/convection oven. Install undermount sink with garbage disposer and built-in water-filtration system. Add general and task lighting, including low-voltage, under-cabinet lights. Install cork flooring and cherry trim. Include a 3-by-5-foot island. 80.3% December 2004 REALTOR Magazine 3

4 2004 COST VS. VALUE REPORT 80.1% MIDRANGE Master suite addition Job cost: $70,245 Resale value: $56,257 On a house with two or three bedrooms, add a 24-by-16-foot master bedroom suite over a crawlspace. Include walk-in closet/ dressing area, whirlpool tub in ceramic tile platform, separate 3-by-4-foot ceramic tile shower, and double-bowl vanity with solid surface countertop. Bedroom floor is carpet; bath floor is ceramic tile. Paint the walls, ceiling, and trim. Add general and spot lighting and exhaust fan. $73,439 $60, % 69,864 67, ,211 * 66,733 67, ,554 * 74,632 * 55,961 * 68,656 32, ,491 50, ,127 47, ,714 77, ,686 * 73,048 51, ,336 85, ,824 61, ,754 67, $74,914 $51, % 90,001 90, ,705 51, ,699 55, ,857 34, ,270 * 82,620 26, ,610 37, ,690 52, ,252 44, ,463 54, ,773 65, ,417 67, ,000 60, ,440 35, $60,729 $51, % 67,373 75, ,041 54, ,996 42, ,732 49, ,352 42, ,240 34, ,072 * 65,968 55, ,577 51, ,609 65, ,332 84, ,957 40, ,770 42, ,365 46, ,009 40, ,411 37, ,387 58, ,925 53, $74,709 $63, % 63,486 39, ,395 48, ,958 41, ,830 42, ,528 62, ,299 51, ,177 45, ,485 50, ,867 88, ,430 58, ,127 86, , , ,331 89, % UPSCALE Master suite addition Job cost: $134,364 Resale value: $104,200 Spacious sleeping area with sitting area adjacent to large master bath. Include custom bookcases, woodworking details, and built-in storage; high-end gas fireplace with stone hearth and custom mantle; large walk-in closet/dressing area. French doors access a veranda, balcony, or other outdoor space. Bath includes a large walk-in shower with dual shower system, stone shower walls and floor, and custom frameless glass enclosure. Cornerdesign whirlpool tub bordered on two sides by windows and built into granite or marble platform with custom cabinet front. Two sinks in separate custom vanities with stone countertops and large mirrors. Partitioned area for luxury one-piece toilet. Hospitality center with bar sink, under-counter refrigerator, custom cabinetry, granite or marble countertop, and microwave. Soundproofing; in-floor heating; custom wall finishes and hardware; general and spot lighting; and lighting controls. $140,166 $104, % 134,032 86, ,137 * 127,853 96, ,603 * 142,722 * 107,567 * 129,500 60, , , ,489 89, , , ,791 * 138,410 88, , , , , , , $142,783 $100, % 170, , , , , , ,194 70, ,051 * 157,211 50, ,345 86, ,982 91, ,164 71, ,311 93, , , , , , , ,064 71, $116,786 $98, % 128, , , , ,888 82, ,525 85, ,820 86, ,852 72, ,118 * 126,783 98, ,188 65, , , , , ,635 77, ,986 77, ,867 99, ,380 77, ,086 79, , , , , $142,943 $116, % 121,536 75, ,349 78, ,425 76, ,111 82, , , ,465 80, ,835 83, , , , , , , , , , , , , REALTOR Magazine December

$15,450 $15,574 100.8% 15,210 15,750 103.6 15,608 * 14,551 15,375 105.7 16,887 * 15,536 * 13,937 * 14,863 13,000 87.5 16,056 16,056 100.0 14,025 13,256 94.5 16,754 15,495 92.

6 15,123 * 16,398 4,000 24.4 14,794 13,250 89.6 15,330 12,895 84.1 15,810 9,000 56.9 15,671 13,533 86.4 15,742 15,167 96.3 18,678 18,429 98.7 16,020 14,857 92.7 14,385 8,633 60.0 $14,329 $14,171 98.

5 $15,450 $15, % 15,210 15, ,608 * 14,551 15, ,887 * 15,536 * 13,937 * 14,863 13, ,056 16, ,025 13, ,754 15, ,229 * 15,938 13, ,901 20, ,227 14, ,026 18, $15,882 $13, % 17,313 23, ,524 12, ,190 13, ,376 10, ,123 * 16,398 4, ,794 13, ,330 12, ,810 9, ,671 13, ,742 15, ,678 18, ,020 14, ,385 8, $14,329 $14, % 15,099 15, ,382 11, ,657 12, ,444 13, ,814 15, ,335 22, ,045 * 14,860 12, ,189 12, ,126 16, ,688 20, ,890 13, ,160 9, ,900 13, ,026 10, ,509 9, ,409 17, ,395 15, $15,720 $14, % 14,687 11, ,714 11, ,902 9, ,980 8, ,146 15, ,860 10, ,755 11, ,374 11, ,040 13, ,345 14, ,160 21, ,928 27, ,471 21, Minor kitchen remodel Job cost: $15,273 Resale value: $14,195 In a 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, refinish existing cabinets and install new energy-efficient wall oven and cooktop, laminate countertops, mid-priced sink and faucet, wall covering, and resilient flooring. Repaint. Include new raised-panel wood doors on cabinets. 92.9% $54,608 $45, % 52,113 53, ,840 * 48,789 39, ,772 * 55,288 * 40,933 * 51,380 30, ,070 60, ,116 32, ,309 57, ,508 * 53,785 41, ,406 55, ,137 38, ,673 48, $56,122 $39, % 65,112 63, ,462 41, ,197 35, ,965 29, ,002 * 61,533 21, ,700 39, ,479 41, ,944 25, ,019 40, ,594 52, ,441 58, ,684 46, ,574 25, $45,687 $39, % 9,961 43, ,796 34, ,552 32, ,111 39, ,721 31, ,077 29, ,209 * 49,193 42, ,668 39, ,444 53, ,756 64, ,607 36, ,904 34, ,096 42, ,095 33, ,438 27, ,816 38, ,919 47, $55,886 $45, % 48,379 39, ,150 30, ,136 27, ,017 30, ,880 50, ,685 29, ,805 34, ,994 39, ,019 72, ,851 42, ,599 65, ,052 86, ,947 51, Family room addition Job cost: $52,562 Resale value: $42, % Add a 16-by-25-foot room on a crawl space foundation with vinyl siding and fiberglass shingle roof. Include drywall interior with batt insulation, prefinished hardwood floor, and 180 square feet of glazing, including windows, atrium-style exterior doors, and two operable skylights. Tie into existing heating and cooling. December 2004 REALTOR Magazine 5

6 2004 COST VS. VALUE REPORT 90.1% MIDRANGE Bathroom remodel Job cost: $9,861 Resale value: $8,887 Update bathroom that s at least 25 years old. Replace all fixtures to include standard-sized tub with ceramic tile surround, toilet, solid-surface vanity counter with integral double sink, recessed medicine cabinet, ceramic tile floor, and vinyl wallpaper. $10,348 $10, % 10,020 10, ,278 * 9,424 17, ,738 * 10,420 * 7,878 * 9,675 5, ,089 10, ,679 9, ,014 13, ,324 * 10,880 6, ,666 13, ,588 10, ,548 13, $10,501 $7, % 12,236 14, ,470 6, ,159 5, ,153 4, ,652 * 11,590 3, ,002 8, ,910 8, ,635 6, ,635 6, ,610 9, ,350 11, ,607 9, ,001 6, $8,572 $7, % 9,481 11, ,025 7, ,911 7, ,618 8, ,967 5, ,131 4, ,321 * 9,242 7, ,531 7, ,381 9, ,745 15, ,545 6, ,817 5, ,392 8, ,690 5, ,895 5, ,275 8, ,335 10, $10,394 $9, % 8,879 5, ,964 6, ,580 5, ,023 6, ,213 11, ,408 9, ,966 5, ,590 8, ,639 11, ,781 8, ,231 12, ,617 19, ,237 14, % UPSCALE Bathroom remodel Job cost: $25,273 Resale value: $21,629 Expand 5-by-7-foot bathroom to 9-by-9-foot within existing house footprint. Add another window bringing total glazing area to 30 square feet. Relocate and replace tub with custom dual 4-by-6-foot shower with full-body wash shower wall and glass block surround. Relocate the toilet into a partitioned area and replace with one-piece color unit. Add bidet. Add stone top custom vanity cabinet with twin designer sinks. Add linen/towel storage closet, tile floor, wallpaper, hardwood trim, general and spot lighting, and humidistat-controlled exhaust fan. $26,252 $25, % 25,295 29, ,090 * 24,138 28, ,821 * 26,591 * 21,126 * 24,651 9, ,332 35, ,111 16, ,514 35, ,359 * 26,511 15, ,055 29, ,271 23, ,917 27, $26,845 $19, % 31,008 36, ,420 20, ,651 8, ,540 10, ,717 * 29,386 5, ,753 22, ,308 20, ,383 18, ,845 15, ,497 24, ,258 28, ,191 24, ,878 17, $22,412 $20, % 24,339 26, ,871 18, ,669 15, ,700 21, ,582 16, ,752 13, ,640 * 23,989 19, ,437 25, ,670 23, ,910 38, ,482 15, ,703 15, ,991 17, ,987 14, ,955 16, ,717 24, ,016 21, $26,414 $23, % 23,167 15, ,402 10, ,489 15, ,959 14, ,902 25, ,153 20, ,626 16, ,843 21, ,339 27, ,877 21, ,224 26, ,155 48, ,242 36, REALTOR Magazine December

$22,195 $20,477 92.3% 21,497 28,750 133.7 22,106 * 20,053 21,875 109.1 25,652 * 22,334 * 16,806 * 20,604 9,000 43.7 23,940 25,000 104.4 19,719 15,750 79.9 26,815 25,662 95.7 24,455 * 22,417 13,000 58.

7 $22,195 $20, % 21,497 28, ,106 * 20,053 21, ,652 * 22,334 * 16,806 * 20,604 9, ,940 25, ,719 15, ,815 25, ,455 * 22,417 13, ,641 25, ,315 19, ,574 21, $22,542 $16, % 27,334 27, ,657 17, ,774 17, ,626 9, ,819 * 24,872 7, ,757 16, ,985 15, ,660 14, ,794 14, ,318 21, ,552 24, ,269 22, ,169 9, $17,942 $16, % 20,174 23, ,116 19, ,601 17, ,193 16, ,205 22, ,200 10, ,140 * 20,155 15, ,842 13, ,005 20, ,724 27, ,097 12, ,955 12, ,453 14, ,658 10, ,779 12, ,413 18, ,249 17, $22,596 $19, % 18,998 14, ,812 10, ,598 10, ,092 11, ,087 21, ,208 19, ,730 13, ,239 18, ,616 28, ,813 17, ,445 24, ,031 39, ,085 28, MIDRANGE Bathroom addition Job cost: $21,087 Resale value: $18,226 Mid-range: Add a full 6-by-8-foot bath to a house with one or one-and-a-half baths. Locate near bedrooms over a crawl space. Include cultured-marble vanity top, molded sink, standard tub/shower with ceramic tile surround, low-profile toilet, general and spot lighting, mirrored medicine cabinet, linen storage, vinyl wallpaper, and ceramic tile floor. 86.4% $42,891 $36, % 41,499 42, ,780 * 39,755 33, ,762 * 42,711 * 35,714 * 40,548 15, ,916 45, ,601 25, ,554 52, ,406 * 43,320 23, ,085 45, ,012 38, ,704 41, $43,731 $31, % 50,654 51, ,006 31, ,814 27, ,726 18, ,797 * 47,390 15, ,044 34, ,130 28, ,537 28, ,604 27, ,646 42, ,846 43, ,519 38, ,524 24, $37,115 $31, % 40,073 41, ,150 31, ,658 24, ,528 30, ,906 27, ,625 22, ,082 * 39,842 30, ,186 40, ,526 40, ,245 54, ,327 23, ,206 23, ,726 32, ,237 21, ,059 26, ,524 36, ,168 35, $43,964 $36, % 38,793 25, ,940 26, ,800 23, ,931 23, ,476 40, ,207 29, ,646 26, ,284 35, ,798 48, ,566 35, ,047 40, ,222 70, ,827 47, UPSCALE Bathroom addition Job cost: $41,587 Resale value: $33, % Add a 9-by-9-foot bath to existing master bedroom over a crawl space. Include a 4-by-4-foot neo-angle shower with ceramic tile walls, recessed shower caddy, and body spray fixtures. Include a whirlpool tub, solidsurface countertop with two integral sinks, two mirrored medicine cabinets individually lighted, a compartmentalized commode area with one-piece toilet, and a humidistatcontrolled exhaust fixture. Use larger matching ceramic tiles on the floor. Add general and spot lighting including waterproof shower fixture. Cabinetry includes a custom drawer base and optional wall cabinets. Add heated floor and heated towel bars. December 2004 REALTOR Magazine 7

Add a 15-foot shed dormer and four new windows. Insulate and finish ceiling and walls; carpet unfinished floor. Extend existing heating and central air conditioning to new space.

8 2004 COST VS. VALUE REPORT 82.7% Attic bedroom Job cost: $35,960 Resale value: $29,725 In a house with two or three bedrooms, convert unfinished space in attic to a 15-by-15-foot bedroom and a 5-by-7-foot shower bath. Add a 15-foot shed dormer and four new windows. Insulate and finish ceiling and walls; carpet unfinished floor. Extend existing heating and central air conditioning to new space. Retain existing stairs. $39,126 $30, % 35,823 27, ,582 * 33,466 38, ,012 * 65,112 * 28,066 * 35,045 19, ,601 30, ,912 30, ,513 39, ,916 * 37,470 27, ,614 38, ,894 25, ,860 30, $38,007 $27, % 45,075 45, ,457 26, ,589 22, ,933 18, ,557 * 41,847 8, ,822 21, ,425 27, ,117 22, ,088 28, ,460 39, ,212 39, ,236 36, ,274 18, $30,552 $27, % 34,073 40, ,254 22, ,714 27, ,755 31, ,534 20, ,974 19, ,230 * 33,682 30, ,392 28, ,390 36, ,898 44, ,256 24, ,536 21, ,890 25, ,408 20, ,591 17, ,552 31, ,811 30, $37,589 $33, % 31,901 21, ,508 24, ,289 16, ,668 22, ,131 29, ,490 27, ,008 25, ,089 26, ,802 46, ,376 31, ,653 47, ,904 69, ,840 49, % Basement remodel Job cost: $47,888 Resale value: $36,457 Create a 20-by-30-foot entertaining area with wet bar, a 5-by-8-foot full bath, and a 12-by-12-foot auxiliary room. Exterior walls are insulated. Include five six-panel primed hardboard doors. Main room includes 15 recessed ceiling light fixtures, three surface-mounted light fixtures, and snap-together laminate flooring system. Bathroom includes standard white toilet, vanity with cultured marble top, resilient vinyl flooring, two-piece fiberglass shower unit, a light/fan combination, vanity light fixture, and recessed medicine cabinet. Bar area includes 10 linear feet of raised panel oak cabinets with laminate countertops, stainless steel bar sink, single-lever bar faucet, under-counter refrigerator, and vinyl floor tile. $49,679 $35, % 48,182 27, ,830 * 45,731 45, ,554 * 50,067 * 39,806 * 46,660 20, ,121 35, ,673 32, ,272 50, ,701 * 50,255 32, ,356 47, ,243 32, ,728 30, $50,449 $32, % 57,518 49, ,611 31, ,334 28, ,130 16, ,860 * 54,863 5, ,997 35, ,090 39, ,912 33, ,491 34, ,915 34, ,323 47, ,898 39, ,348 24, $42,764 $34, % 46,656 47, ,784 22, ,954 37, ,153 41, ,818 35, ,713 22, ,402 * 45,662 33, ,604 46, ,257 41, ,474 46, ,162 23, ,579 26, ,181 41, ,684 25, ,765 19, ,449 45, ,462 39, $50,158 $43, % 44,168 25, ,330 30, ,548 25, ,174 21, ,252 44, ,492 30, ,032 34, ,860 44, ,297 63, ,112 44, ,439 71, ,851 75, ,499 51, REALTOR Magazine December

$31,973 $25,523 79.8% 30,480 24,000 78.7 32,425 * 29,677 33,375 112.5 35,614 * 32,446 * 25,905 * 30,706 15,750 51.3 34,502 25,000 72.5 28,209 20,500 72.7 36,872 30,385 82.4 34,130 * 31,631 22,222 70.

4 29,996 28,333 94.5 30,647 22,250 72.6 32,716 15,000 45.8 32,634 22,583 69.2 34,246 21,660 63.2 38,510 30,446 79.1 34,031 34,000 99.9 27,431 14,667 53.5 $27,768 $21,609 77.8% 30,092 30,625 101.

9 $31,973 $25, % 30,480 24, ,425 * 29,677 33, ,614 * 32,446 * 25,905 * 30,706 15, ,502 25, ,209 20, ,872 30, ,130 * 31,631 22, ,042 35, ,015 24, ,947 25, $32,815 $21, % 37,842 28, ,889 21, ,309 20, ,858 11, ,032 * 35,263 2, ,996 28, ,647 22, ,716 15, ,634 22, ,246 21, ,510 30, ,031 34, ,431 14, $27,768 $21, % 30,092 30, ,931 15, ,782 25, ,019 25, ,009 16, ,982 12, ,707 * 29,787 21, ,511 25, ,804 29, ,695 31, ,701 22, ,008 20, ,724 22, ,556 16, ,160 10, ,347 22, ,010 21, $32,688 $20, % 28,703 9, ,936 7, ,360 8, ,384 11, ,137 25, ,638 15, ,860 17, ,189 18, ,029 29, ,479 26, ,003 28, ,454 44, ,778 26, Sunroom addition Job cost: $31,063 Resale value: $22,002 Add a 200-square-foot sunroom to a two-story house. Form and pour footings for slab-on-grade foundation. Use exposed post-and-beam framing on interior side and extruded aluminum window frameand-flashing system with insulated, low-e, laminated, or tempered glazing. Provide for natural ventilation using screens and ceiling fan. Insulate all non-glass areas; provide movable shades for glass area. 70.8% $7,147 $6, % 6,781 6, ,925 * 6,597 10, ,131 * 7,204 * 5,793 * 6,420 3, ,752 5, ,215 5, ,188 9, ,841 * 7,042 5, ,755 7, ,312 7, ,247 6, $7,068 $6, % 7,941 8, ,948 13, ,321 4, ,603 2, ,517 * 7,507 1, ,657 7, ,498 5, ,018 7, ,200 5, ,819 5, ,498 6, ,266 7, ,161 3, $6,115 $5, % 6,362 6, ,459 4, ,540 5, ,386 5, ,838 4, ,887 3, ,585 * 6,502 4, ,866 4, ,470 6, ,222 7, ,889 5, ,009 4, ,655 5, ,294 3, ,373 3, ,844 5, ,880 5, $7,599 $6, % 7,022 2, ,938 2, ,953 3, ,374 3, ,756 12, ,297 6, ,733 4, ,811 5, ,749 6, ,498 6, ,095 9, ,066 13, ,498 8, Deck addition Job cost: $6,917 Resale value: $6,000 Add 16-by-20-foot deck using pressuretreated SYP joists supported by 4-by-4 posts set into concrete footings. Install composite deck material in a simple linear pattern. Include a built-in bench, a planter of the same decking material, and stairs. Provide a railing system made of the same composite material as the decking or a compatible vinyl system. 86.7% December 2004 REALTOR Magazine 9

10 2004 COST VS. VALUE REPORT 84.5% MIDRANGE Window replacement Job cost: $9,273 Resale value: $7,839 Replace 10 existing 3-by-5-foot double-hung windows with vinyl- or aluminum-clad, doubleglazed, wood replacement windows. Wrap existing exterior trim as required to match. Don t disturb existing interior trim. $9,503 $8, % 9,302 8, ,601 * 8,706 11, ,554 * 9,623 * 7,934 * 9,116 5, ,127 7, ,499 9, ,715 11, ,150 * 9,504 6, ,880 10, ,408 9, ,419 6, $9,794 $7, % 10,968 13, ,557 8, ,938 6, ,377 5, ,114 * 10,364 1, ,000 6, ,351 7, ,673 5, ,582 7, ,950 9, ,756 15, ,941 8, ,545 4, $8,447 $7, % 8,993 15, ,992 3, ,736 8, ,573 8, ,884 5, ,480 5, ,222 * 9,032 7, ,425 5, ,583 11, ,751 11, ,950 6, ,359 4, ,910 7, ,201 5, ,508 3, ,261 6, ,193 6, $9,590 $8, % 8,598 4, ,069 5, ,851 6, ,854 6, ,134 9, ,531 8, ,894 5, ,513 6, ,580 13, ,516 7, ,223 12, ,878 13, ,026 8, % UPSCALE Window replacement Job cost: $15,383 Resale value: $12,875 Replace 10 existing 3-by-5-foot doublehung windows with double-glazed simulated-divided-light windows. Finish interior with stained hardwood, exterior with custom-color aluminum cladding. Trim interior and exterior to match existing. $15,671 $14, % 15,313 13, ,910 * 14,613 15, ,026 * 15,830 * 13,558 * 15,143 7, ,524 10, ,061 12, ,356 18, ,625 * 15,667 34, ,153 15, ,640 13, ,645 8, $16,082 $11, % 17,658 19, ,688 11, ,225 14, ,362 7, ,096 * 16,917 2, ,978 13, ,482 13, ,948 8, ,781 11, ,325 13, ,080 12, ,333 16, ,274 8, $14,266 $12, % 15,034 22, ,916 11, ,253 12, ,444 14, ,901 9, ,263 6, ,966 * 15,059 11, ,276 11, ,581 18, ,724 19, ,493 10, ,103 9, ,581 11, ,949 8, ,398 5, ,975 18, ,876 8, $15,842 $13, % 14,525 8, ,073 10, ,850 9, ,824 11, ,563 14, ,233 12, ,879 9, ,719 11, ,320 17, ,296 13, ,652 16, ,619 22, ,396 14, REALTOR Magazine December

$6,977 $7,295 104.6% 6,900 8,000 115.9 6,975 * 6,225 12,125 194.8 8,531 * 7,481 * 4,950 * 6,468 2,550 39.4 7,575 5,000 66.0 5,493 9,623 175.2 8,581 9,577 111.6 7,537 * 6,506 3,526 54.

5 6,506 5,213 80.1 7,350 5,100 69.4 7,087 6,333 89.4 7,556 5,858 77.5 7,856 12,855 163.6 7,462 8,000 107.2 5,775 3,600 62.3 $6,191 $6,112 98.7% 6,750 13,000 192.6 6,731 4,633 68.8 4,912 4,250 86.

11 $6,977 $7, % 6,900 8, ,975 * 6,225 12, ,531 * 7,481 * 4,950 * 6,468 2, ,575 5, ,493 9, ,581 9, ,537 * 6,506 3, ,181 8, ,312 6, ,937 8, $7,129 $6, % 8,850 15, ,012 5, ,293 6, ,506 4, ,600 * 7,687 1, ,262 4, ,506 5, ,350 5, ,087 6, ,556 5, ,856 12, ,462 8, ,775 3, $6,191 $6, % 6,750 13, ,731 4, ,912 4, ,300 7, ,862 4, ,468 6, ,662 * 6,412 4, ,812 4, ,450 7, ,918 9, ,643 6, ,543 8, ,287 6, ,131 4, ,787 3, ,056 4, ,718 4, $7,756 $6, % 6,900 4, ,068 4, ,481 3, ,881 4, ,987 7, ,587 10, ,931 5, ,743 3, ,925 6, ,850 5, ,475 6, ,075 13, ,931 5, Siding replacement Job cost: $6,946 Resale value: $6,445 Replace 1,250 square feet of existing siding, including all trim, with new vinyl siding. 92.8% $12,561 $12, % 11,346 8, ,192 * 10,633 25, ,525 * 11,844 * 8,274 * 12,921 5, ,747 15, ,219 13, ,454 13, ,959 * 12,019 6, ,867 11, ,237 12, ,177 8, $12,697 $9, % 16,887 15, ,913 17, ,206 9, ,830 4, ,458 * 13,873 1, ,971 11, ,606 7, ,209 7, ,820 7, ,807 9, ,446 10, ,211 9, ,520 4, $9,002 $7, % 10,183 17, ,747 4, ,310 7, ,374 7, ,699 6, ,941 7, ,207 * 10,567 6, ,137 6, ,642 10, ,836 10, ,180 7, ,769 8, ,585 6, ,077 4, ,373 2, ,150 10, ,256 8, $11,873 $9, % 9,545 5, ,814 4, ,901 2, ,664 5, ,910 11, ,349 8, ,687 5, ,605 7, ,898 12, ,134 8, ,056 15, ,852 17, ,928 13, Roofing replacement Job cost: $11,376 Resale value: $9,197 Remove existing roofing to bare wood and dispose of properly. Install 30 squares of fiberglass asphalt shingles with new felt underlayment, galvanized drip edge, and mill-finish aluminum flashing. 80.8% December 2004 REALTOR Magazine 11

12 2004 COST VS. VALUE REPORT Order reprints of the 2004 Cost vs. Value Report for just $6.50 each plus shipping, online at For information on bulk orders over 500, contact Dana Warfel at or 717/ , ext Remodeling magazine, published by Hanley-Wood LLC, has been producing this report annually for 18 years. We d like to thank the editors and designers of Remodeling, as well as the REALTORS who contributed to bringing you this report. Remodeling magazine s Cost vs. Value Report by Hanley-Wood LLC. Republication of the report is expressly prohibited without written permission of Hanley-Wood LLC. REALTOR Magazine, 430 N. Michigan Ave.,, IL / , narpubs@realtors.org, REALTOR.org/realtormag

Replacement Cost Questionnaire

Replacement Cost Questionnaire 1. Please provide some general information about yourself: A) Name and address of insured location (as it appears on your Homeowners policy): Name: Street Address: City: