Remodeling Magazine has released its 2010-2011 Remodeling Cost vs. Value Report. This annual report takes 35 popular remodeling projects and compares the cost to the value the projects retain at resale. Although the unstable economy has affected the construction industry as well as home values across the country, one thing has remained consistent according to the study. “Replacement projects have historically outperformed full-service remodeling projects, primarily because they are lower-cost projects that are perceived as essential to regular home maintenance.”
Exterior projects that result in increased curb appeal lead the pack, with entry door and garage door replacements recouping up to 102.1% and 83.9% respectively. Replacing windows was another high-return home project, showing a return of 81.5% in the Phoenix area. Another top exterior project that adds appeal and value is the addition of a wood deck. This relatively inexpensive project tied for fourth place in the cost to value analysis with minor kitchen remodeling. Minor kitchen remodeling is a significant expenditure at an average of $21,695 nationally, but shows the importance to homeowners of investing in a comparatively inexpensive “face lift” to keep this essential part of the house up-to-date and aesthetically pleasing to potential buyers.
Return on project investment is also dependent on the current real estate trends and values in your neighborhood. That said, keeping a well-maintained house and investing in updated features that are in line with comparable properties will allow you to enjoy your home and keep it in top form for potential resale.
Wednesday, March 23, 2011
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