Cost vs. Value Report 2021
Upgrading your home can be fun, rewarding, and very appealing to most homeowners, but identifying which enhancements really get you the best return for your money when it’s time to sell your home is the objective of this guide. We will compare the value retained at the resale of popular remodeling projects against the average cost of said remodeling projects today according to the Remodeling 2021 Cost vs. Value Report (www.costvsvalue.com). We will do so at the local DFW area, compared against averages both regionally and also nationally.
In this expanded, in-depth, detailed guide by Elite Remodeling relates explicitly to data for remodeling projects and homeowners located in the local Greater-DFW metroplex, including, but not limited to Frisco, Addison, Allen, Aubrey, Carrollton, Celina, Coppell, Cowley, Garland, Lewisville, Little Elm, McKinney, Plano, Prosper, Richardson, The Colony, and Wylie.
While remodeling activity is growing at a slower rate than in years past, it does, in fact, continues to grow nonetheless. While the US market has not been smooth as of late, not including the recent effects of the COVID-19 pandemic, job growth has been strong, unemployment has been remarkably low and the GDP has grown steadily since the last dip 11 years ago. Bear in mind that in the Dallas market, an average of all remodeling projects still returns better than 57% of their cost. That is, there is no â€œbadâ€ investment when it comes to remodeling, particularly when you acknowledge that Cost vs. Value defines only one type of value â€“ the amount of money recouped at the time of house sale. There are other types of value like the benefits afforded to owners living in a newly renovated space that the Cost vs. Value Report does not quantify. Other outside values not included in this report are pride in design and craftsmanship, long-term durability of materials, occupant health and safety, and reductions in liability costs. Here are a couple of highlights from the report:
An upscale bathroom addition will provide North Texas homeowners a healthy 57% ROI. An upscale bathroom addition will add 100-square-foot and include a 42Ã—42-inch neo-angle shower with ceramic tile walls, accent strip, recessed shower caddy, body-spray fixtures, and frameless glass enclosure. Install freestanding soaker tub with high-end faucets; stone countertop with two sinks; two mirrored medicine cabinets with lighting; a compartmentalized commode area with one-piece toilet; and a humidistat-controlled exhaust fan. Utilizing more substantial matching ceramic tiles on the floor, laid on diagonal with ceramic tile base molding. Addition of general and spotlighting and waterproof shower fixture. Cabinetry has a custom drawer base, wall cabinets. Extend HVAC. Electric in-floor heating.
(54.3% ROI) MIDRANGE | Bathroom Additions
Average Cost: $46,181
Average Resale Value: $25,068
(57.0% ROI) UPSCALE | Bathroom Additions
Average Cost: $85,568
Average Resale Value: $48,784
An upscale bathroom remodel provides homeowners in Plano and McKinney with over 54.3% ROI. Upgrades consistent with this type of project include the expansion of square footage, relocation of fixtures, new ceramic tile shower with luxury spray fixtures, installing a new soaker tub with high-end faucets. Installation of a stone countertop with his and her sinks, compartmentalized commode area with one-piece toilet. Addition of humidistat-controlled exhaust fan and larger upscale ceramic tiles on the floor diagonal with new base molding. Custom cabinetry, in-floor heating, general & spot lighting.
Bathroom Remodel | MIDRANGE (55.9% ROI)
Average Cost: $20,155
Average Resale Value: $11,271
Bathroom Remodel | UPSCALE (54.3% ROI)
Average Cost: $63,861
Average Resale Value: $34,697
Bathroom Remodel | UNIVERSAL DESIGN (55.4% ROI)
Average Cost: $33,186
Average Resale Value: $18,394
Major upscale kitchen remodels in Frisco and Allen areas will appreciate a 46.5% return on their investment. Some of the features of this type of renovation project would include 30 linear feet of top-of-the-line custom white cabinets with built-in sliding shelves and other interior accessories. Include stone countertops with imported ceramic or glass tile backsplash; built-in refrigerator, commercial-grade cooktop and vent hood, wall oven, and built-in microwave unit. Installation of a high-end under-mount sink with designer faucets and water filtration system. Add new general and task lighting, including undercabinet mood lighting. Installation of new upscale flooring.
(69.1% ROI) MIDRANGE | Minor Kitchen Remodel
Average Cost: $22,153
Average Resale Value: $15,317
(51.1% ROI) UPSCALE | Major Kitchen Remodel
Average Cost: $65,544
Average Resale Value: $33,500
(46.5% ROI) UPSCALE | Major Kitchen Remodel
Average Cost: $130,293
Average Resale Value: $60,538
MASTER SUITE ADDITIONS
AnÂ upscale master suite additionÂ will generate the homeowners in the Dallas area a refreshing 46.6% return on investment. Add a spacious 32Ã—20 foot master bedroom with a lounging/sitting area adjacent to a large master bath. Enjoy custom bookcases and built-in storage with custom millwork, a high-end gas fireplace with stone hearth and custom mantle. Installation of your custom hospitality center with custom cabinetry, bar sink, under-counter refrigerator, stone countertop, and microwave. Prepare for your day in style with a new walk-in closet/dressing area with natural light, mirrors, and linen storage. New walk-in shower with the dual-shower system, stone walls, and floor, custom frameless glass enclosure. Addition of a freestanding soaker tub, his and hers sinks with custom vanities and stone countertops. Soundproofing, in-floor heating, custom wall finishes, and hardware included.
Master Suite Addition | MIDRANGE (59.8% ROI)
Average Cost: $126,432
Average Resale Value: $75,581
Master Suite Addition | UPSCALE (46.6% ROI)
Average Cost: $262,618
Average Resale Value: $122,355
View the full report, including project descriptions and city-level data, here.
Â© 2020 Hanley Wood Media Inc. Complete data from the Remodeling 2020 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.