From Renee on November 15th, 2007 in General Remodel
Want to know the resale value of your home remodeling project? Remodeling Magazine’s 2007 Cost vs. Value Report is designed to help you answer the questions that come to mind most before remodeling: how much will it cost, and will I get my money back when I sell my house? The Cost vs. Value Report breaks down the national average for job costs in 29 categories, from major kitchen remodels to vinyl window replacements, then shows the resale value of each project as well as the percentage of the cost recouped after selling the property. Sound great? There’s more.
It also breaks down the information for 9 different U.S. regions, so you can compare your general costs to the amount of money the rest of the country dishes out. In general, the prognoses for remodeling investments are excellent. According to the magazine, two-thirds of 2007 projects return between 65 and 80% at resale. That means homeowners are still paying just 20 cents to 35 cents on the dollar to refresh or reconfigure their living spaces. Here’s a summary of the findings by region.
For midrange projects in the U.S., deck additions incur the highest resale value at 85.4%. For upscale projects in the U.S., fiber-cement siding replacements get the most bang per buck, worth $11,633 after a $13,212 expense. By far, siding replacement are consistently the highest paying midrange and upscale investments in every region, especially fiber cement sidings. Exceptions are as follows: For midrange projects, bathroom remodels pay out most in the West South Central Region and deck additions pay out most in the Mountain, East South Central, and Pacific regions. Upscale projects with the highest resale value in the Pacific consist of wood window replacements.