Most homeowners undergo home remodeling for their own enjoyment, personalization and facilitating their lifestyle. The good news is the investment of beautiful design and quality construction can be considered offset by an increase in the home’s resale value. Zonda Media has published the 35th annual Cost vs. Value Report for 2022 on twenty-two projects. They collect information to determine average costs and return on investment at sale in 150 major cities, and averaging them by city, region and nationally. We will look at the data for the Phoenix area for the more popular home remodeling projects.
Kitchen Remodeling: The kitchen is the heart of the home and gets the most use. Even a minor kitchen remodeling project has the 3rd highest return on investment (ROI) at 71.9% with an average amount spent of $27,461. A midrange major kitchen remodeling project rounds out the top ten greatest return (57.1%) with an average cost of $78,441. An upscale major kitchen remodel (average spent was $157,767) is only 1.5% less return on investment, coming in 13th in highest rate of return on investment, coming in 13th in highest rate of costs recouped.
Vinyl Window Replacement: It doesn’t have the wow factor like kitchens or baths but having energy efficient windows are what everyone wants. The average money spent to replace windows is $20,337 and the return-on-investment average is 70.1%.
Bathroom Remodeling: Bathroom design is of next importance after kitchens. Just like a midrange and upscale kitchens are close in their ROI, so are a midrange and an upscale bathroom remodeling project. The average spent for a midrange bathroom remodel in Phoenix is $25,003 with a 62.3% ROI. The average spent for an upscale bathroom remodel is $76,365 with a 61.3% ROI, netting the 6th highest return.
A bathroom addition is a popular solution when the homeowners want more of a spa like feel but their current master bathroom is too small. It may be just a bump out (midrange average spent $58,980, ROI 56.9%) or an upscale larger addition (average spent $105,574, ROI 59.9% which is the 7th highest return on the list).
A Universal Design bathroom made to be accessible for those with mobility limitations also has a high ROI of 59.4%, and an average cost of $38,866.
Master Suite Addition: Whether wants a new master suite to designate the existing for guests, or if they want a his and hers, having a second master suite in the home is popular. A midrange master suite addition average spent is $161,409 with an ROI of 55.7%. An upscale master suite addition comes in at $328,327 with an ROI of 52.7%.
Overall, the costs of the projects in Phoenix are less than the Regional and National averages. The amount recouped averages higher, so Phoenix is a great place to do home remodeling!
Happy Home Remodeling!
Complete data from the Remodeling 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com. © 2021 Hanley Wood, LLC.
Read More:
Win Big by Adding More Nutrition in August
Ways to Discourage Mosquitos
Thai Peanut Coleslaw
Tagged Custom construction phoenix az, home improvement, home remodeling, home remodeling Phoenix, kitchen remodeling, remodeling
SINCE 1979