The 2021 Cost vs. Value Report (www.costvsvalue.com) is out and there are some interesting trends here in the Philadelphia area. The annual Cost vs. Value report is released by Zonda, a data solution platform specifically for home builders and remodelers. They analyze national, multiyear trends and determine which home improvement projects provide the greatest Return on Investment (ROI) for homeowners on the sale their home. In today’s post, we will look specifically at numbers for kitchen and bath remodels in the Philadelphia area and then look at the numbers for other types of projects another time.
The Cost vs. Value Report classifies remodeling projects into three types: “midrange,” “upscale,” and “universal design.” A midrange bathroom project in our area costs around $27,190 and includes features such as a cultured stone vanity top with molded sink, standard chrome faucets, a white fiberglass tub/shower with ceramic tile surround, white low-profile toilet, general and spot lighting, and a ceramic tile floor among other things. Percentage of ROI: 49.4%
The Chalfont master bath remodel below is “midrange-plus” in that it includes a few extra luxuries but is still in range with the area.
An upscale bathroom remodel costs around $81,873 in the Philadelphia region and includes features like a fully tiled shower and surround with custom nooks and a frameless glass enclosure, a free-standing soaking tub, custom cabinetry with a natural stone countertop and dual sinks, high end faucets and fixtures, and a custom laid tile floor, along with other upscale amenities. Percentage of ROI: 45.1%
Universal Design bathroom remodel makes an existing bath wheelchair accessible with changes such as a zero-threshold 36-inch-wide door, a comfort height toilet, removal of a standard tub and replaced with a “curbless” tiled, accessible shower with a fold out seat and adjustable shower head, an adaptive living vanity, and multiple grab bars, and numerous other adaptive features, with an average cost in our area of $41,672. Percentage of ROI: 51.2%
What is interesting is that the returns on investment for the three remodels are statistically similar. What that tells us is that the type of bathroom remodel should be based on the expectations of your neighborhood. Meaning, if you live in a “high-end” neighborhood, the features and amenities included in your remodel should meet the standards of similar houses in the area for maximum return. In a midrange neighborhood, an upscale bathroom remodel would not recoup as much of its cost, therefore, a midrange remodel is more cost-effective. The 51% ROI for a Universal Design remodel, the highest of the three, suggests that there is a demand for adaptive bathrooms, presumably for use by older parents living with adult children (otherwise the entire house would be adaptive). So, homeowners that are concerned that an adaptive bathroom remodel would lower their home value should not worry.
This Lafayette Hill master bath remodel is an example of an “upscale” remodel that meets the expectations of the neighborhood.
These prices and percentages, of course, are general and can certainly fluctuate based on the number of amenities and changes the homeowner wants, but they are a close ballpark estimation to get you started. We will discuss kitchen and other remodel cost vs. value returns in future blogs. To get a more accurate, good-faith estimate, contact us and our designers can help you choose which custom bathroom remodel is best for you and will give you the greatest return on your investment.
©2021 Zonda Media, a Delaware corporation. Complete data from the 2021 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.
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