Tuesday, February 3, 2009

Remodeling Projects That Add Value

According to Remodeling magazine's 2008-2009 "Cost vs. Value Report," even despite the challenging economy, investing in your home still pays off at resale. Based on interviews with real estate professionals throughout the country, the Remodeling report found that homeowners could expect to recoup an average of 67.3 percent of their investment in 30 different home improvement projects.
Exterior projects that boost curb appeal and kitchen remodels generally get the biggest bang for the homeowner's buck. The right remodeling project, when done well, also has the potential to make for a quicker sale and reduce negotiations with buyers over perceived shortcomings.
Some of the projects that are paying off the most nationally this year at resale include the following. The number in parentheses represents the percentage of the project's cost that is recovered.

  • Upscale fiber cement siding (86.7 percent)

  • Midrange wood deck (81.8 percent)

  • Midrange vinyl siding (80.7 percent)

  • Midrange minor kitchen remodel (79.5 percent)

  • Upscale vinyl window replacement (79.2 percent)

  • Midrange major kitchen remodel (76 percent)
Smitha Ramchandani is a licensed real estate professional at Weichert Realtors' Morristown West, New Jersey office. She is a Certified Buyer Specialist, a Home Marketing Expert and also an expert in buying and selling of townhouses and condominiums. You can reach Smitha at: 973-953-7777 Mobile or 973-455-1900 Extension 122 (Office) or online at: http://www.Morris-Homes.com or http://www.TheTownhouseExpert.com.