2017 marks the 30th year that Remodeling Magazine has compiled regional data and published the Cost Versus Value report specific to the Atlanta area. Remodeling states that their goal is to “give customers an unbiased, third-party report on how much it really costs for a professional to do a typical remodeling project, as well as how much a real estate pro believes that project will increase a home’s value if it’s sold within a year of when the work was completed.”
As in previous years, our JRR team continues to find this report one of the most accurate around for the Atlanta market. We encourage our clients who have not completed a remodeling project before to take a look at this report when making decisions on project scope as well as budget ballparks. Remodeling Magazine notes however that “project costs are based on estimates for generic projects and do not account for personalized design and product choices made by homeowners in connection with actual remodeling projects, nor do they account for local and short-term fluctuations in pricing, supply and demand, and other factors affecting cost.”
Take a look at some of the key trends and statistics uncovered in the 2017 report:
- The 29 projects in the 2017 report paid back an average of 64.3 cents on the dollar in resale value.
- Both recent and long-time trends continued. “Curb appeal” projects—changes to doors, windows, and siding—by and large generated higher returns on investment than work done inside the home.
- Several of the most expensive projects – the upscale bathroom remodel, upscale master suite, two-story addition, grand entrance, and family room – saw the biggest year-over-year percentage increases in value, rising between 5.6% and 7.4%.
- For the first time this year, Remodeling reported on two new home trends: indoor/outdoor living and meeting the needs of aging and multi-family households.