Posted by on May 13, 2014 in Remodeling | 0 comments

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Remodeling Magazine has released its annual Cost vs. Value Report for 2014, and we are pleased to share that for the second consecutive year, remodeling is up.

For the second consecutive year, Cost vs. Value data show that the value of remodeling is up for all 35 projects included in the survey. This trend signals an end to the long slide in the cost-value ratio, which began to fall in 2006 and didn’t begin to rebound until last year.

For 2014, the cost-value ratio stands at 66.1%, a jump of 5.5 points over last year and the largest increase since 2005, when the ratio jumped 6.1 points to reach its high of 86.7%.

You can read the entire trend report here.

For Portland, Oregon, the trend is positive. Of the mid-range projects surveyed, 12 saw an increase from 2013, and in the upscale category, 10 of the 13 projects also had shifts upwards.

In kitchens, a favorite category of Spectrum Homes, both mid-range and upscale projects saw an increase in resale value from last year. The median job cost for a mid-range kitchen was reported as $56,464, with 78.4% of the cost recouped upon resale.

The average cost in PDX for upscale kitchen remodeling projects was reported as $112,111, with nearly $80,000 (71%) being recouped upon resale.

What this tells us is not only are our customers able to have a finer, more enjoyable living experience once they undergo a kitchen remodel, but they are also able to recoup a nice percentage of the costs if they decide to sell their home.

Kitchen remodeling projects have always been an attractive option for upgrading your home – whether you plan to stay or are thinking about moving a few years from now.

See the entire Cost vs. Value Report for Portland here.

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