It’s been a while since we evaluated remodeling statistics. A lot has changed since 2019. And with more people working from home, there has been a surge in remodeling. Being home all the time, people also noticed that the little things needed to be done like repainting or replacing flooring.
With inflation on the rise, people are trying to make smarter spending decisions. In January’s consumer price index released by the U.S. Department of Labor, floor coverings had the least impact from inflation compared to other household goods including appliances, furniture, and bedding.
Let’s dive in and see what remodeling projects retain their resale value.
Home Sales Are Still On the Rise
Many people realized they could live anywhere and still keep their jobs. And they’ve been waking up to the beauty and benefits that the Portland area can provide. If you’re thinking of upgrading or downgrading, there are some simple things you can do to improve your home’s value.
Annual sales in 2021 were equal or higher than home sales in the prior four years. And the median home price is $536,800 which is up 3.2% year-over-year. So, while it’s still a seller’s market, you want to have your home look move-in ready to put you at the top of a buyer’s list.
Feeling Like Feathering Your Nest?
There is something to be said for finding the right home for you. When you find a place with the right bones, you can refresh the looks with the right remodeling projects.
Even if you’re thinking about selling, you should write up a clear list of what you want your home to have. Then evaluate what you want to afford in a new to you home or with upgrades to your current house.
If your current home has a lot of those features, it could be better to look at your budget and the cost of updating the areas that are most important to you.
You may wish to start small with a bathroom remodel and see how it impacts your lifestyle before going with a major kitchen remodel.
Average Portland Area Kitchen Remodel Cost
In 2022, the average kitchen remodel cost in the Portland area is now around $84,846 which has increased by $17,558 since our last report in 2019. The increase in value has decreased by 4.3%.
A major kitchen remodel job requires a complete gutting of the kitchen down to the bare studs. They may find additional work to be completed such as dry rot.
The average cost for a minor kitchen remodel cost in Portland is $29,088 in 2022 which is $6,581 over the cost in 2019. The value recouped is only 1.6% less, so it’s still a worthwhile investment.
A minor kitchen remodel focuses more on cosmetic improvements. This would include replacing or refacing cabinets and replacing counters, sinks, fixtures, and flooring. It could also include adding decorative tiles such as a festive backsplash on the sink or stove.
Portland Mid-range Major Kitchen Remodel Costs:
2019: National Average Cost $66,196 – Home Value Increase $41,133 – Cost Recoup 62.1%
2019: Cost $67,288 – Home Value Increase $40,808 – Cost Recoup 60.6%
2022: National Average Cost $80,809 – Home Value Increase $45,370 – Cost Recoup 56.1%
2022: Cost $84,846 – Home Value Increase $47,770 – Cost Recoup 56.3%
Portland Mid-range Minor Kitchen Remodel Costs:
2019: National Average Cost $22,507 – Home Value Increase $18,123 – Cost Recoup 80.5%
2019: Cost $22,958 – Home Value Increase $20,290 – Cost Recoup 88.4%
2022: National Average Cost $28,279 – Home Value Increase $20,125 – Cost Recoup 71.2%
2022: Cost $29,088 – Home Value Increase $22,944 – Cost Recoup 78.9%
Average Portland Area Bathroom Remodel Cost
An average bathroom remodel involves updating the bathroom’s tub and or shower along with the toilet, tile, faucets, cabinets, flooring, and countertops. As with kitchen remodels, the contractor may find water damage that will need to be repaired.
2019: National Average Cost $20,420 – Home Value Increase $13,717 – Cost Recoup 67.2%
2019: Cost $21,052 – Home Value Increase $15,427 – Cost Recoup 73.3%
2022: National Average Cost $27,164 – Home Value Increase $15,990 – Cost Recoup 58.9%
2022: Cost $27,330 – Home Value Increase $18,316 – Cost Recoup 63%
Adding On to Your Home Remodel Cost
If you love your location but need more livable space, you can look into adding on rooms. If your lot is large enough, you can expand out, otherwise, you may want to look into expanding up.
If you have an older home, you may want to add a master bedroom and bathroom suite. You could build in a large walk-in closet.
Then you can update the existing bedroom and bathroom. You can rent it out as an Air BnB. You can change it around if you have children or wanted another room for an au pair. You could also dedicate the room to an at-home office. You’re only limited by your imagination.
One Point to Remember
The average costs tend to be for the cost of materials and equipment, average labor costs, and project costs including cleanup fees. They don’t include any permit and inspection costs, sales tax, and general contractor fees if one was used for the project.
So when getting quotes, make sure you know what it covers to ensure there are no surprises at the end. A reputable contractor will let you know upfront, and answer your questions.
You want to be able to love your newly remodeled area every time you walk in.
