What a project costs in 2022 and 2023 Lets look at the numbers - Around the House® Home Improvement

Episode 1435

What a project costs in 2022 and 2023 Lets look at the numbers

Every year we dive into what a remodeling project will cost you. With prices increasing this data can help you plan for a future project or even see if an existing bid is even in the right ballpark. Lets dive into the Cost vs Value report so you know what it could cost and what it could give you back in your home value.

Numbers in this report as compiled in the 2022 Cost vs. Value Report (www.costvsvalue.com)

©2022 Zonda Media, a Delaware corporation. Complete data from the 2022 Cost vs. Value Report can be downloaded free at www.costvsvalue.com

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Transcript
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[00:00:22] Eric Goranson: What are these projects gonna cost? Today we dive into the cost versus value index of what a project costs, what the return is. Am I gonna get any of this money back if I go sell the place? We're gonna dive into all those questions. What's a basic remodel cost versus something kind of nice? And what's the quality materials mean for the overall price of the thing?

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[00:01:01] Eric Goranson: Thanks for joining us today. We've got a fun one ahead here because we're gonna talk about, well, what does it cost? You know, remodeling and construction has gotten fairly expensive out there with everything going up. So I thought, you know, let's jump. The cost versus value report from 2022. Here we got some new numbers that came out.

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[00:01:45] Eric Goranson: And this is, uh, brought to you now by Zonda Media Media. I'm not sure who that is, but they're used to be Remodeling Magazine, but it looks like they have taken over the report. And so this is some great information. So the numbers I'm gonna give you here are. [00:02:00] The national range. So they have a, a, a national average for this.

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[00:02:25] Eric Goranson: So we're gonna talk about that here today. So they've got two different types of, of kitchen remodel here on this list and what they call a mid-range is at about $80,000. And then an up. It's about $158,000 and you think, oh, mid-scale, that's what I wanna do. But let's talk about that cuz you know the details in these things are in the description of what you're going to do.

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[00:03:12] Eric Goranson: Standard double tub, stainless steel sink with standard single level faucet energy efficient range range. Head that's vented, built in microwave, dishwasher, garbage disposal, and custom lighting. Add new resilient flooring. Select vinyl flooring. Finish with painted walls, trim and ceiling. So they're saying nationally a very basic budget kit remodel is 80 grand.

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[00:03:57] Eric Goranson: So you're gonna update the same 200 square foot [00:04:00] kitchen with the same 30 linearal fit of top of the line custom white cabinet. With builtin sliding shelves and other interior accessories. So those are typical stuff you'd put in your own, you know, mid-level kitchen, uh, stone countertops, um, with a ceramic or glass tile back splash.

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[00:04:37] Eric Goranson: I'll be honest, other than the builtin appliances, and I don't think they're really talking like subzero builtin, but more, you know, more of a builtin looking like a, you know, more of a, oh, I don't know, like a cabinet depth refrigerator. They're not talking a $12,000 subzero here. They're talking about a cabinet debt refrigerator, 158,000 [00:05:00] bucks.

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[00:05:29] Eric Goranson: That's not talking about doing a bunch of replumbing electrical. There's some electrical with lights, but you know, many times you're putting in new, you know, five or six new circuits to meet code. So just something to think about what a kitchen remodel is costing these days. So if you get budget numbers out there, you know, 158 grand is, um, what the number is.

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[00:06:17] Eric Goranson: But for a kit model that starts to get up there. Now, here's the other part here. They do have what they call a minor kit model, which is what I call that fluff and B, and they call that at $28,279. Now, This is just a basic like refresh. Okay, so they're saying in this 200, same 200 square foot kitchen, you're gonna leave the cabin boxes in place, but replace the fronts with new shaker style wood panels and drawer fronts.

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[00:07:18] Eric Goranson: And I know a lot of people, if you're, you know, paying for a contractor to do that, that's what it's costing these days. So, uh, you know, you just gotta be careful out there. And, and this is what we've been talking about as far as prices raising with construction and remodeling and that kind of stuff. And we're seeing that, you know, with, you know, labor prices through the roof, appliance prices are up, and, uh, materials out there.

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[00:08:08] Eric Goranson: So it's something to think about. Now, of course you could probably cut this number by half, generally if you're gonna do this project yourself. But still 158 grand. That's still, you know, 75 grand in materials if you're thinking about doing that without that, and of course you're probably gonna have to bring some trades in for that because you are not gonna wanna fabricate those stone or, you know, slab countertops yourself.

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[00:08:57] Eric Goranson: Hey, if you want more information, I'm gonna post more information of [00:09:00] this over at our Facebook page, which is around the House Show, and make sure you join our ever growing closed group. Because we've got so much more going on over there, and that's around the House Nation. That's where you can post up your projects, ask questions, and uh, it is our safe and wonderful little place to do it.

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[00:09:44] Eric Goranson: Yes. Should I be loud? Be so hot?[00:10:00]

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[00:10:36] Eric Goranson: He is an amazing. Radio veteran as well as Jeff Tracy, the Cowboy Cook. The three of us came on and, uh, with a lot of help from others, and we raised over $50,000 for the Clark County Veterans Assistance Center. So thank you all that joined us and donated and lend hand for that. So really cool. We've been talking about today [00:11:00] with what's it.

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[00:11:24] Eric Goranson: That's just a general rule, not always the case. Well, for them on this cost versus value report. Bathroom model nationally starts out about $27,000 and maxes out as an average at $82,882. So let's talk about this. So what do they call a mid range bathroom model? So what's the space they're gonna call this and these are the details that matter.

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[00:12:09] Eric Goranson: That's your typical, traditional. Hall bathroom. So you're gonna update that existing five by seven bathroom. Replace all the fixtures. Include a 30 by 60 inch porcelain on steel tub with four by four inch ceramic tile surround. Ugh, ouch. Nobody's doing that anymore. New single level, never. Temperature and pressure balance.

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[00:12:57] Eric Goranson: Didn't talk about putting in a new electrical, [00:13:00] so you're just putting in a cheap tub. That's not a cast iron tub. That's a porcelain steel one. Not very nice. $27,164 if you're gonna write a check for that. Now let's get closer to what most people are doing here is what they call their upscale. So you're gonna add another 35 square foot bathroom to the bathroom to a hundred square feet.

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[00:13:48] Eric Goranson: Uh, free standing. So tub. All right, so you got a little more of a master bath situation here. High end faucets, stone countertop, two sinks, two mirrored medicine cabinets, lighting, you know, um, [00:14:00] enclosed, you know, toilet area with one piece. Toilet exhaust fan, which is code almost everywhere you. So basically you're looking at ceramic tile on the floor, you know, general lighting that you're doing in there.

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[00:14:42] Eric Goranson: That's probably gonna be out there when you start putting it in, cuz really, you gotta think about it with, by the time you're putting that shower in and you're putting the tub in and all the rest of the stuff in there, $82,000 probably isn't gonna be what it costs. Now here's another one here too. This is a common one.

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[00:15:20] Eric Goranson: So let's chat about that for a second. So that's an interesting one. Universal design is gonna take that, uh, five by seven space, which is what we talked about. You're gonna make it a wheelchair accessible and a shower. Basically, you're gonna replace a toilet with a comfort height fixture you're gonna go through and, um, wow, walk-in shower, curbless, adjustable shower head, fold out seat mixing valve.

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[00:16:18] Eric Goranson: And, uh, basically it is a ADA style. Basic space, and they're saying that there is 45 grand. So that's something to think about there. That's probably, again, right in there where you're gonna be. So that's uh, yeah, 42,105. So that starts to add up. Now, here's where it gets crazy. If you wanna do an addition to that bathroom where you're gonna add to and make that bathroom larger, that gets pretty interesting as well, because, um, If you're gonna add a, basically a new a hundred square foot bathroom, basically over, [00:17:00] maybe it's over an existing master bathroom over crawlspace.

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[00:17:31] Eric Goranson: Now here's the crazy one here. If you're gonna do the master suite edition, where you're gonna add on that bedroom and the bathroom. Anywhere from mid range to upscale, the mid range is 175,000. And get this, the Master suite edition that's upscale $356,000 357 almost. And if you do that on the West Coast, it's $413,000.[00:18:00]

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[00:18:18] Eric Goranson: All right, we come back, let's talk windows and siding. What's that cost? Just as soon as around the house returns.[00:19:00]

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[00:19:17] Eric Goranson: We've got just about every podcast player out there, and we've got about 900 episodes out there for you to take a look at back in the library. Now, here's where we're gonna dive into on what does it cost today, we already talked about kitchens and bathrooms, and here we're gonna try to make sense of the windows in citing issues out there.

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[00:20:00] Eric Goranson: But if you don't sign tomorrow, the discount's over. As soon as a company says that to me, they're. That should be one of your biggest signs. And the one thing with window and siding companies is it's something that has a lot of complaints online with, because if they're not flashing that window correctly or they're not doing it right, that can get to be a big problem cuz it takes you a number of years before it gets caught.

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[00:20:47] Eric Goranson: What's that for? Windows. So if we start getting into that window discussion, And this is where it kind of gets interesting when it comes to vinyl windows because you know, windows are something that's all, they're not all cured the [00:21:00] same. You could have cheap vinyl ones. You could have nice ones. So what are they saying here?

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[00:21:32] Eric Goranson: Now this is where it gets a little interesting. Same thing. You got 10 existing three by five windows. Same kind of deal. You're not disturbing the trim that adds about another $4,000. To your window price. So about 24,388. Okay, that gets interesting. And you know, with cost versus value, and this is taken from the cost versus value report here, [00:22:00] I'll be honest, um, those numbers seem a little close cuz a lot of the wood windows that I've seen out there, they're a little bit more than just 4,000 bucks.

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[00:22:29] Eric Goranson: So let's talk about siding now. If we dive into siding here, this is where it gets a little interesting subsiding. If you wanna do fiber cement. They call that $22,093 nationally. Where versus vinyl is 18,662. It's about 3,500 bucks difference between those on average for the same space. So what is, what are they talking about here with the siding?

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[00:23:18] Eric Goranson: That's saying that you're gonna use the prefinished stuff, but sometimes that's not always the best chance to to do that, right? Because you're. Caulking it in. And that's with the, the, the prefinished stuff. So, okay. That gives you an idea, at least what you're talking about. And it takes the painting calculation out of it so we don't have to count that painter in there.

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[00:24:07] Eric Goranson: The other thing that happens with it is as it ages, it gets chalky. It's vinyl, it's plastic. So it gets this kind of funky chalky color on it that you almost have to clean and put conditioners on every few years to keep it looking good. But the problem is, if you damaged one of these, then you've got a problem because now you're putting on a piece that's maybe not exactly the same color.

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[00:24:52] Eric Goranson: So you gotta be very careful of that. So always when you're painting vinyl, you have to go lighter, not darker. And then what can happen is if you're in an area that gets a significant [00:25:00] cold and you know, summer, When you paint it, it will expand and contract. So you're gonna have all these stripes where the overlaps are, because as it shrinks up and it gets colder, you'll start to see those and then you'll have to go back and touch it up.

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[00:25:40] Eric Goranson: They didn't install the siding correctly on his house, so he lost a fair amount off one side of his house. So that fiber, some siding, it's because the installer came in and it was, you know, of course they shot the siding. Through the OSB, but completely missed the studs. So a little bit of wind blew it right off the side of the house.

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[00:26:18] Eric Goranson: Hey, since we got a couple minutes here, let's dive into one more subject that kind of gets us through the siding there. I wanna talk here about decks, because that's another one. What does a deck edition cost? And a wood one. So composite wood versus deck composite. 24,677 and 19,240. So what are they talking about between those two?

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[00:27:04] Eric Goranson: Uh, provide a complete railing system using pressure treated wood posts, railings and ballers. I'll be honest, no one's doing that anymore. No one's doing pressure treated, or it's rare. Because most people are going to composite at that now, pressure treated, that's obviously more of a southern thing because if you do that here in the Pacific Northwest with our pressure treated and uh, that outdoor wood kinda has a funky look to it, as well as our, uh, pressure treated for gone, you know, for ground contract has those little indentations on it, much different than, uh, the Eastern or southern US pressure treated.

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[00:28:01] Eric Goranson: Because that starts to get really expensive on the maintenance because though they don't talk about it, they're not talking about finishing that deck. They're just talking about building it. So you're gonna have another few thousand dollars on the wood there to do that. So all of a sudden those things start to get really close.

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[00:28:46] Eric Goranson: You threw my clothes out on the.[00:29:00]

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[00:29:21] Eric Goranson: Now, apple Podcast only puts 300 up there about 2 99. But if you go back over to around the house online, you can find the 900 plus episodes over there on our podcast player. That's where we've got all the different subjects. So if you're looking for something you wanna learn more about, we've got great interviews, new products, everything else over there that you can check out cuz we've had a lot of great people over the.

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[00:30:04] Eric Goranson: Finding that right contractor when you're having somebody do it is key. And one of my favorite ways, To find the right contractor is to, of course, find somebody that did a great job for friends and family that you've seen their work. But I also like to see 'em when they have been trained by the manufacturer.

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[00:30:48] Eric Goranson: Roofing replacement, asphalt shingles, average price in the us $31,535. And so [00:31:00] you go, okay, what. Their list of roofing. So remove and dispose of existing roofing to bare wood sheeting, so you're gonna strip it down. Installs 30 squares of minimum, 230 pound, 235 pound fiberglass asphalt shingles. So that's a 25 or 30 year shingle with new 30 pound felt or equivalent synthetic under lament, galvanized strip edge meal finish.

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[00:31:54] Eric Goranson: Um, I'll be honest, I think if you're gonna spend that kind of money, you might wanna step it up a little bit and put a little bit [00:32:00] better roof on it. If you're gonna be there for a while, it's gonna make a difference, especially if you're in high wind or if you've. You know, harsh winters, hail, these are all things that are something that very, you know, you should be really thinking about when you're coming to roofs, but you wanna make sure that they've done all that correctly.

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[00:32:35] Eric Goranson: So that's, uh, something to think about there. It's going to be more expensive for our Florida listeners. Now that's 31,535 if we're gonna go to metal 51,436, what do they call? Metal roof. So you're going to, uh, remove and dispose of existing roofing to bear wood sheathing. Install ice barrier membrane at roof perimeter.

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[00:33:17] Eric Goranson: So my question there, of course is always gonna be, what are you doing as far as building that up? Many of these metal roofs, they want you to have kind of a, of a new strip system where they're held up off that roof. So you've. Um, some airflow and ability, if water does get around, it forts still the sheet underneath it and go down.

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[00:34:02] Eric Goranson: So something to think about. Roof can be expensive. Get those, make sure you get those quotes out there and uh, make sure you understand the material that's going up there and, uh, you're getting those gutters and everything else taken a look at at the same time. Cuz that's all stuff you wanna be doing.

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[00:34:37] Eric Goranson: We've been talking this whole time about cost, right? Let's talk about the value part of it. So that roofing replacement, the cost 51,436. The resale value if you turn the cell the next day, 28,000 1 96, so that's only a 54.8% return. [00:35:00] That gets interesting right there. Now, you know, in the past with these things, and this is where it gets fascinating to me, the cost recouped, there were things that you could do on this list in years past where your cost recouped would be above.

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[00:35:52] Eric Goranson: Except for the garage door replacement at 93.3%. Everything else here is under 70% of the [00:36:00] return, man. What are some of the ones that have the least amount of return? Upscale Master Suite Edition, 46.3%. So you don't even get 50%, 50 cents on the dollar returned on that. Now, there are exceptions of this, and I, I wanna put the asterisks here, is that if you have a house that only had one bathroom and you're trying to make this a four bedroom, two bath from a four bedroom, one bath, you are going to get a higher return off of that because that house is more marketable to many.

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[00:37:03] Eric Goranson: If I go through here, the uh, big kit model, , and then you get up into the windows. Replacement siding, you're in the sixties. If you look at roofing, ah, it's in that fifties. So just something to think about on what the cost versus value is. If you're doing this to sell the house, unless it's trashed, you might not be getting all that.

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[00:37:47] Eric Goranson: And if you're doing that big fiberglass front door where you got sidelights and doors, double doors maybe, and it's that grand entrance. That's 10,556 bucks. Ouch. [00:38:00] That's a lot. And you're still not getting a lot of that money back. So that adds up really quickly and it's something to think about. So that's a 3 0 6 8 door.

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[00:38:31] Eric Goranson: Send me a message or you can head over to our Facebook page, Instagram or Twitter, and you can message me there for more information. Now this is great, this information you can find at cost versus value and uh, they have a great set of numbers over there that you can take a look at and, uh, those guys.

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[00:39:09] Eric Goranson: For free, which is pretty cool. You're just gonna get on their mailing list, which isn't too bad. But, uh, that's where you can get that information. All right, everybody, we got a great interview ahead. You don't want to miss this one. It's gonna be a great discussion. Thanks for listening to Around the House.

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