Advice for owners:  Don't Over-Remodel

Homeowners can expect to get back less of the money they invest in renovations than they would have just a few years ago.  In 2005, 10 of 22 projects returned more than 90 cents on the dollar.  In the past two years, no project did that well.  If you're planning to remodel and sell anytime soon, it would probably be best to expect a return on the low side of the range.  Projects are listed below by region, New Jersey being listed in the Mid Atlantic Region.  We have included for your information the National average for comparison.

 

Middle Atlantic 2007 National Averages Job Cost Resale Value Cost Recouped Project Midrange Job Cost Resale Value Cost Recouped $50,845 $33,227 65.3% Attic Bedroom Remodel $46,691 $35,771 76.6% $14,043 $7,602 54.1% Back-Up Power Generator $13,357 $7,748 58% $64,408 $39,140 60.8% Basement Remodel $59,435 $44,661 75.1% $40,290 $22,313 55.4% Bathroom Addition $37,202 $24,553 66% $16,983 $12,025 70.8% Bathroom Remodel $15,789 $12,366 78.3% $10,676 $8,861 83% Deck Addition - Wood $10,347 $8,835 85.4% $84,340 $52,154 61.8% Family Room Addition $78,989 $54,148 68.6% $56,653 $34,958 61.7% Garage Addition $53,897 $37,461 69.5% $28,176 $14,866 52.8% Home Office Remodel $27,193 $15,498 57% $57,750 $41,427 71.7% Major Kitchen Remodel $55,503 $43,363 78.1% $105,978 $64,675 61% Master Suite Addition $98,863 $68,172 69% $21,908 $16,859 77% Minor Kitchen Remodel $21,185 $17,576 83% $20,200 $12,498 61.9% Roofing Replacement $18,042 $12,166 67.4% $10,204 $8,729 85.5% Siding Replacement $9,910 $8,245 83.2% $72,728 $41,290 56.8% Sunroom Addition $69,817 $41,231 59.1% $148,578 $98,882 66.6% Two-Story Addition $139,297 $103,010 73.9% $11,083 $8,627 77.8% Window Replacement - Vinyl $10,448 $8,290 79.3% $12,026 $9,793 81.4% Window Replacement - Wood $11,384 $9,241 81.2% Middle Atlantic Project Upscale National Averages Job Cost Resale Value Cost Recouped Project Upscale Job Cost Resale Value Cost Recouped $77,753 $47,204 60.7% Bathroom Addition $73,145 $50,442 69% $53,598 $32,304 60.3% Bathroom Remodel $50,590 $34,588 68.4% $15,433 $11,601 75.2% Deck Addition - Composite $15,039 $11,672 77.6% $86,245 $48,960 56.8% Garage Addition $82,108 $53,056 64.6% $112,721 $76,672 68% Major Kitchen Remodel $109,394 $81,096 74.1% $230,687 $132,256 57.3% Master Suite Addition $220,149 $141,120 64.1% $37,613 $21,838 58.1% Roofing Replacement (steel) $33,151 $21,769 65.7% $13,359 $11,495 86% Siding Replacement (fiber-cement) $13,212 $11,633 88.1% $12,375 $9,971 80.6% Siding Replacement (foam-backed vinyl) $12,132 $9,668 79.7% $14,394 $11,152 77.5% Window Replacement - Vinyl $13,479 $10,913 81% $18,180 $13,958 76.8% Window Replacement - Wood $17,383 $13,784 79.3%