Remodeling Magazine has released their "Remodeling 2018 Cost vs. Value Report" (www.costvsvalue.com). This report compares the cost versus the value of projects between markets across the United States.
The point of the study is to show how the value of a completed project compares to the cost of its construction. The study uses a given project structure, same hours and materials, and uses that model to compare the differences across the country.
The cost of the project(s) is generated from RemodelMAX, a company that produces estimating tools. The value of the respective project(s) comes from a survey of real estate professionals.
I find the greatest value (no pun intended) of this report to be the cost data. This report is an excellent reference for the cost of construction, by project, by geographic location. And the fact that the data is further broken down into mid-range and upscale projects is even better. The data on the value of a project is interesting but extremely subjective. It is derived from polling real estate professionals. Real estate professionals speak in terms of cost per square foot. When they evaluate and compare two properties, the conversation always revolves around what their respective cost per square foot is. The details are always secondary. If a property is going to be sold at a premium, the real estate professional must understand the details of the updates and properly promote those features.