| You may be wondering how much of your expenses | | | | However, remodeling is still a pretty good investment. |
| you will recoup when you sell your home. For the | | | | Over 60% of projects undertaken in 2007 are |
| last 20 years, in an effort to help homeowners | | | | projected to return between 65% and 80% at a |
| answer that question, Remodeling magazine has | | | | home's resale. This means your real cost is just 20 |
| produced an annual "Cost vs. Value" Report. | | | | cents to 35 cents on the dollar for most home |
| Most Recommended Tips for Best Home | | | | improvements. |
| Improvement Projects Revealed | | | | Nationally, projects that are at the bottom of the |
| The 2007 report has just been released, and key | | | | "value" ladder include a home office remodeling, |
| highlights include: | | | | adding a mid-range sunroom, installing a back up |
| • Focus on exterior upgrades as the "best value" | | | | generator and garage additions. |
| projects; | | | | Most Recommended Tips for Best Home |
| • Highest value home enhancements were: | | | | Improvement Projects Revealed |
| upscale siding replacement using fiber cement | | | | |
| materials, wood deck addition, and a midrange vinyl | | | | Location Dependant |
| siding replacement; | | | | As you might expect, the amount you recoup at a |
| • The best interior home project nationwide is a | | | | sale varies depending on your location. While the |
| minor kitchen remodeling; | | | | percentage of costs returned in Mid-Atlantic and New |
| • For Houston Texas and the West South Central | | | | England cities is fairly constant year to year, within |
| Region average costs recouped are 6% higher than | | | | California, Oregon, and Washington, remodeling costs |
| the national average and best value projects differed | | | | recouped at resale are over 10% greater than the |
| slightly. | | | | national average. |
| The National Association of Realtors and Specpan | | | | Also of interest, cities in the southeast and |
| collected information from nearly 3,000 responses to | | | | southwest that are experiencing a building boom |
| a web-based survey. This year's report found that | | | | actually fall below the national average when it comes |
| due to the housing market slump, the percentage of | | | | to recouping home improvement costs. One |
| construction costs recovered is lower across all | | | | explanation for this trend is the fact that because |
| projects compared with 2006. The most likely | | | | these areas have plenty of new homes lingering on |
| culprits for the year-over-year drop are slower home | | | | the market and falling in price, buyers are turning their |
| appreciation rates due to the lackluster real estate | | | | backs on even the most attractive renovated older |
| market in most parts of the country and rising | | | | homes. |
| remodeling costs. | | | | |