If you’re thinking of remodeling, two of your most important considerations are how much it will cost and what return you can get on the investment. Remodeling Magazine offers concrete averages for both factors in their “2013 Cost vs Value Report” for the Washington, DC area. Note that these only represent values for mid-range projects. The actual money that you spend depends on your location in the city, the materials you use, and the square footage involved.
- The job with the most return on investment, at 92.2 percent, is also the least expensive, costing $1,096 for the $1,010 return. This involves replacing a wooden entry door with a 20-gauge steel version that includes a dual-pane half-glass pane, factory finishing, and a new bored-lock in either brass or antique-brass finish.
- The most expensive project is the two-story addition, which costs $144,436. It also returns the highest dollar value of $99,855, which represents 69.1 percent. This remodel includes a first-floor family room, and a 24-by-16-foot second story wing with a bedroom and 5-by-8-foot bathroom. The job also adds a new climate-control system and code-approved electrical wiring.
- A major kitchen remodel runs $51,044 and returns $36,258, or 71 percent. This covers renovating a 200-square-foot space with semi-custom wood cabinets, a 3-by-5-foot island, laminate countertops and new energy-efficient appliances, such as a wall oven and built-in microwave. The standard double-tub stainless-steel sink has a single-lever faucet.
If you want more information on how a renovation can add to the value of your home, or want more specific information related to your space, please contact us.
