Saturday, January 26, 2013

Home Remodeling ROI improves in 2013 in Boston

Home remodeling projects such as kitchens, room additions and finished basements are generating a better return on investment in the Boston area. In the most recent 2013 Cost vs Value Report from Remodeling Magazine the majority of the most popular projects had their best ROI rise since the recession began.
Many homeowners are not sure where to begin to figure out how much projects cost. It is sometimes uncomfortable for homeowners to discuss budgets and pricing in the beginning of a relationship with a contractor. This report empowers consumers with reliable and valuable information. This report shows the average cost of each project and the projected return on investment percentage base on estimated resale.
We have found in towns we work in like Wellesley, Sherborn, Lexington, and Newton Massachusetts these price ranges are sometimes in the ball park for similar projects. Of course the key word here is similar. At least a homeowner has a place to start that is independent of what a contractor or architect may estimate.
               
In our Design-Scope Develop-Build Process we often share this information with you to begin the discussion of the set aside target budget range to fund the project. Discussing this early on allows each party to know if there is a fit. Unfortunately too many homeowners hire designers and architects to draw beautiful projects that end up costing more than the homeowner wants to or can spend. When this happens thousands of dollars and valuable time are wasted. One way to avoid this is to work with one contractor who has adopted the Design-Scope Development-Build Process.

First choose the contractor you feel most comfortable with, check out the references, insurance and licensing, and verify that he can do a project similar to yours. The Design-Scope Development-Build Contractor will help you design and build a project that meets your needs and wants within your budget. He/she will accept single source accountibilty for the entire process. In this process the contractor works with the designer or architect in the beginning. Th contractor who knows what things cost keeps the designer in check so that they do not overdraw the project where it is over the set aside target budget range of the homeowner.  To learn more contact me.

Here is what our latest client Anne and Pete form Sherborn, Ma said about us:

"We hired Peter Allain to remodel our kitchen, family room and deck and we could not be happier with the outcome!
Peter’s talented team of workers were always prompt, clean, courteous and provided a high attention to detail. Peter is extremely reliable and responsive to all requests and questions. Just as important, the project was on time and on budget. We would enthusiastically recommend Allain construction for any home improvement project!" Ann & Pete. Sherborn, Ma.

Here is a list of the major projects measured in the report in the Mid-Range Category.
New England — Midrange
2013 National Averages
Job CostResale ValueCost RecoupedProjectJob CostResale ValueCost RecoupedChange vs. 2011-12
$49,719$32,27864.9%Attic Bedroom$47,919$34,91672.9%Change
$11,659$5,54747.6%Backup Power Generator$11,410$6,01452.7%Change
$63,919$33,87753.0%Basement Remodel$61,303$43,09570.3%Change
$38,781$18,25547.1%Bathroom Addition$37,501$20,56954.8%Change
$16,451$9,69758.9%Bathroom Remodel$15,782$10,29565.2%Change
$15,346$9,63462.8%Deck Addition (composite)$15,084$10,18467.5%Change
$9,825$6,65967.8%Deck Addition (wood)$9,327$7,21377.3%Change
$2,777$1,80865.1%Entry Door Replacement (fiberglass)$2,753$1,81365.9%Change
$1,153$98685.6%Entry Door Replacement (steel)$1,137$97485.6%Change
$82,569$48,48858.7%Family Room Addition$79,006$50,01363.3%Change
$50,385$29,57758.7%Garage Addition$48,806$31,09163.7%Change
$1,532$1,15375.3%Garage Door Replacement$1,496$1,13275.7%Change
$28,170$11,11339.4%Home Office Remodel$27,292$11,91143.6%Change
$55,522$35,41763.8%Major Kitchen Remodel$53,931$37,13968.9%Change
$106,278$62,85959.1%Master Suite Addition$101,873$64,39063.2%Change
$19,066$14,43075.7%Minor Kitchen Remodel$18,527$13,97775.4%Change
$19,850$12,25661.7%Roofing Replacement$18,488$11,63362.9%Change
$11,447$8,57974.9%Siding Replacement (vinyl)$11,192$8,15472.9%Change
$74,244$32,52143.8%Sunroom Addition$72,179$33,52946.5%Change
$156,044$98,46863.1%Two-Story Addition$152,470$99,67465.4%Change
$9,982$7,20872.2%Window Replacement (vinyl)$9,770$6,96171.2%Change
$10,962$7,87371.8%Window Replacement (wood)$10,708$7,85273.3%Change

2 comments:

  1. So many projects are held in middle category only.

    Some of the Home Owners will have confuse where to start and finish the Remodeling work.They were in great confusion about choosing the Remodeller Contractor also.

    For them this blog information will be useful.

    Expertise and Excellence in construction services in Los angles

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    Replies
    1. Thank you Gladys, we agree!

      Allain Construction feels that it is important for those considering a remodeling project to have a general idea of the cost before they initiate contact with us or another contractor. It also helps us to make their dream remodel a reality, all while staying within their budget!

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