Most homeowners undergo home remodeling for their own enjoyment, personalization, and facilitating their lifestyles. 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 22 projects. 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 third 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 10 greatest return (57.1%), with an average spent of $78,441. An upscale major kitchen remodel (average spent was $157,767) is only 1.5% less than the midrange’s 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 is 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. The average spent in a midrange bathroom remodel in Phoenix is $25,003 with a fifth-ranking 62.3% ROI. The average spent for an upscale bathroom remodel is $76,365 with a 61.3% ROI, the sixth 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 seventh 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, ranking eighth overall.
Master Suite Addition: Whether one 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%, ranking 12th and 13th highest, respectively.
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!
Janet Cook, Certified Health Coach and Aging in Place Specialist, President of Cook Remodeling (celebrating their 43rd year), invites you to check out their website, which has a link to download the Cost vs. Value 2022 Report.