2018 Remodeling Cost vs Value Report For Madison Is Out
WINDOW AND SIDING PROJECT COST ESTIMATES FOR 2018
Every year we look forward to seeing the release of Remodeling Magazine’s Cost vs Value report. We’re able to help our potential clients relate to average costs for replacement window, entry door remodeling, and siding refresh projects in the Madison area. It helps paint a reality of what kind of investment it will take to complete a job, but more importantly, it allows homeowners to see what kind of return they can expect from investment in a remodeling project.
The Cost vs Value report is compiled from a pool of real remodeling projects to determine an average cost and return on investment for specific project categories. The report is organized by national, regional, and individual DMA markets. Projects are broken into different brackets and each project type is provided a description to allow a homeowner to compare apples to apples.
The return on investment or “Resale Value” of a project is determined by real estate sales figures and is something commonly used by real estate agents to give clients an idea of what a project might cost to make a certain improvement on a home.
There is a large difference in performance between different regions throughout the U.S. and we wanted to highlight some of the different project performance in the Madison area.
COST VS VALUE RESULTS FOR MADISON
While we can’t publish all the data, it is free to download at www.costvsvalue.com. You can navigate to the region or city you are most interested in seeing data for and download a report specific to that area. The data is compiled from a survey of Realtors and Remodelers and Builders.
In Madison, we evaluated the year-over-year changes for a few projects, so we wanted to highlight those as they are most pertinent to our customers.
Overall, the best value-added home improvement projects in 2018 are Garage Door Replacement (91.9%) and Siding Replacement (88.7%). This means that for every dollar invested, the home value will increase by that percentage of the investment. For example, if a siding replacement project cost $10,000, the resale value added to the home would be 88.7% of that investment, or $8,870.
Another notable highlight from the 2018 data is that we’ve seen significant increases in project costs over the past 5 years. This is likely due to the shortage of labor and general condition of the economy. We’ve also seen some fluctuation in recouped costs for projects like siding replacement (slight increase) and vinyl windows (significant increase).
RETURN ON INVESTMENT FOR REPLACEMENT WINDOWS
Replacing windows, especially with vinyl construction, is the most significant change in Madison from 2017. Window projects ($15,703 in Madison vs $15,955 nationally) have proven to be an excellent investment in the Greater Madison Area. With a return of nearly 76% for Vinyl Windows, this is an improvement for more than 28% from 2017. A big reason for this is the hot home market in Dane County and requirements related the sale of homes. Many homes from the boom of the mid-2000’s are requiring improved windows creating a value increase for our windows.
Windows are the best investment you can make for your home in Madison, WI.
For more information on siding, entry doors or replacement windows including our flagship Restorations line call us at 608-249-2905 or check us out online at www.thebco.com. Or feel free to stop by our showroom at 4126 Robertson Rd, Madison, WI 53714 to check out some window design options in person! Feel free to download our Window Shopping Guide to help you in making a decision on the right window product for your home.