One of the most common and important questions people have when they are about to begin a remodeling project is, “How much is this going to cost?” We’d like to share a wonderful resource that we use to help create fair and competitive estimates–the "2015 Cost vs. Value Report". This yearly report is compiled by Remodeling Magazine and has become an industry standard.
This report compiles cost and resale prices of various remodeling projects around the country. That information is then compiled to create regional averages for remodeling and building projects. This helps both consumers and contractors by creating a baseline average to compare pricing to.
Remodeling and Building Project Summaries
First, click here to download your copy of the 2015 Cost vs. Value Report for the Washington, DC/South Atlantic region.
When you open the report, you will see two sections with descriptions of different types of remodeling projects. First, you will see midrange projects. The midrange descriptor means that when you complete your project, you include materials that are typical for that type of remodel. For example, if you complete a basement remodel, you include typical materials such as vinyl flooring and a two-piece fiberglass shower as part of the refinished bathroom. The Cost vs. Value report also includes an added bar as part of a midrange basement remodel, which has oak cabinets with laminate countertops.
Next, you will see a section for upscale remodeling projects. Upscale projects, as you can imagine, are more expensive because they include more high-end materials. For example, an upscale bathroom remodel includes a customized whirlpool tub, ceramic tiles, and customized shower fixtures and lighting. You may notice one key word – customized – that can really make a difference in how much you’re spending on a remodeling project.
Each of these summaries, whether midrange or upscale, provides an outline of what each project entails. This includes materials, the size of the space, and customizability.
Average Project Costs
On page six of the report, you’ll find a large table. You’ll see categories for midrange and upscale projects, with each project type listed below. What is most useful about this table is that you can see average costs of each type of project, which are specific to our region. For example, if you are interested in doing an upscale bathroom remodel, you will see that in the Washington, DC area (comparable to Northern Virginia), the average cost is about $71,000. You will see that this is very close to the national average and the average for the South Atlantic region.
Average Project Resale Values
Another thing to note is the resale value of each type of project. For that same upscale bathroom addition, you are adding about $52,000 in resale value to your home. This report not only gives you an average cost, but also tells you what you can gain from doing various remodeling projects.
Project Planning and Estimating
Lastly, we’d like to emphasize that this is a great resource to use when you are in the beginning stages of any remodeling project. When you are looking into which contractors and designers to use, one of the initial steps is getting an estimate for what your project will cost. The Cost vs. Value report is a tool you can use to get an idea of, in general, what your project will cost.
Be cautious if any designer or contractor gives you an estimate that is significantly lower than any cost you see in this report. While it is tempting to choose a contractor based on a low estimate, the process and end result will undoubtedly fall short of your expectations. Some contractors will bid low so you sign with their company, then suddenly come up with charges later in the project. This report helps you avoid such a situation and other similar tactics.
If you are interested in finding out how much your planned Northern Virginia project will cost, we would love to help you plan. We can come to your home to meet with you and then provide an "Opinion of Probable Cost". This will provide you with an expected cost range dependant upon material quality and customization options.
About Lensis Builders, Inc.
Lensis Builders, Inc. is a build/design firm proudly serving the Northern Virginia area. We specialize in kitchen and bath design and remodeling, additions, whole house remodels, home energy and comfort solutions, porches, garages, and more. Our firm works closely with you to design and build the house of your dreams. We are passionate about building and remodeling and have been helping homeowners “love where they live” for 20 years.