hi. contractor john here. i get asked a lothow much a particular project will cost. like, take for instance, a basement remodel project."contractor john, how much does it cost to remodel my basement?" that's really impossibleto answer if you don't know the scope of the remodel. what are you adding? are you addinga bar, a functioning wet bar? just one big family room? what are you adding? it's justimpossible to answer. it's kind of like asking how much does a car cost? well, it depends,if it's a hugo or a mercedes 450sl. there's a big, huge difference in that. so, the bestresource that i've found to help homeowners, consumers with that question is remodelingmagazine's cost versus value survey. it's a survey they do once a year and they askprofessionals, they ask realtors, about the
cost and the parameters of a particular project,and then they put all that information together. now, we're going to head on over to remodelingmagazine's website and i'm going to walk you through the steps that it takes to find outthe information. so, let's get over to remodeling magazine's website. here we are at remodeling magazine's website.and right at the top menu bar, you'll see cost versus value. we're going to click onthat link, and that's going to bring us to the cost versus value page that's going tolet you make several selections here. so, this is the 2015 cost versus value report.and what we're going to do here is we're going to select a year. we're in 2015. so, let'sselect a region. the united states is broken
up into regions for this survey. you justhighlight the area you're in. so, we're going to do illinois on here, east central north.so, click on that. it populates that field and then it brings regional data, east orcentral. you can click on chicago and then it will let you download the information forthe particular project -- just so you know where that's at. okay? now, we're going to go back one screen andwe're not going to click on that. we're going to look at it online here so that it's easierfor everyone to see. so, this is the area that we're talking about, and we're righthere in chicago. and then, right here, is the survey -- 2015 national averages for jobcosts, resale value, and cost recouped. and
then specific to our region, the cost, theresale, and the cost recouped, and then the change from 2014 -- if that cost recoupedwent down or up or what, so and here are the projects that they have available.attic bedroom, backup power generator, basement remodel, bathroom addition, bath remodel,deck, composite deck, wood deck. i mean they have all these different projects, like aminor kitchen remodel, major kitchen remodel, master suite, all these things. you can goback and pick the project that comes closer to you. and for our example today, we're goingto go with a basement remodel. and, if you click basement remodel -- well, first of all,you can see the national average for a basement remodel is $65,442, resale $46,637, cost recouped73%. and then specific for our region, it's
slightly more here. the cost and the recoupis a little bit less. it's like 60% cost recouped. but, if you click on basement remodel, itwill bring you to a screen that defines what that basement remodel consists of. in here,it's finish the lower level of a house to create a 20 x 30 entertainment area with awet bar and a 5 x 8 full bathroom. construct 24 lineal feet of finished partitionwall including painted drywall walls. and it goes on to describe what it all includes.it includes five 6-panel factory painted hardwood doors, passage locksets, electrical wiring,bar area, main room, bathroom. i mean it tells you what is included. it gives you some drawings-- what things would look like. so, you can compare the project to your project so youknow what you're getting here -- apples for
apples. and, then, it goes ahead and breaks down thecosts of everything. now, you've got a little chart of the costs in 2015 -- $65,442. andthe value here for a little over $47,600, and, then, recoup percentage. so, itgives you a graphic chart here and it allows you to see, over the years, where it's beenat, and how it's trending, and that. so, it's as easy as that, folks. it really is. i meanyou should know the cost of a project before you even call the contractor to give you abid because how are you going to know if you have a good price, or a bad price, or whatif you don't know what that project should cost? this is just an incredibly great resource.they put a lot of work, a lot of effort into
this thing. and i wholeheartedly recommendthat you check out the cost versus value survey and take advantage of that information that'shere. so, this is contractor john. if you have anycomments or questions, please visit me at contractorjohn.com. have a blessed day.