Renovations in a buyers’ market: Part II
As promised here are some facts and figures to consider before you do any renovations or upgrades on your house. Investing in your home always pays off, in fact, while home prices across the country have fallen by 7%, value of home owners’ investment in remodeling projects has declined only 3.86 percent on average between 2007 and 2008, according to Remodeling’s 2008–2009 Cost vs. Value Report.
Yesterday’s post gave you a few examples of projects that you might want to reconsider so, wondering what projects to focus on? Here are the Top Ten Project Paybacks:
- Upscale fiber cement siding (86.7%)
- Midrange wood deck (81.8%)
- Midrange vinyl siding (80.7%)
- Upscale foam-backed vinyl (80.4%)
- Midrange minor kitchen remodel (79.5%)
- Upscale vinyl window replacement (79.2%)
- Midrange wood window replacement (77.7%)
- Midrange vinyl window replacement (77.2%)
- Upscale wood window replacement (76.5%
- Midrange major kitchen remodel (76.0%)
What I noticed from this list is that outside projects have the largest payback. Curb appeal sells your home. Replacement windows, siding, decks- those projects give you the greatest chance to recoup your cost. On the inside, only a kitchen remodel can compare.
Here are some examples of homeowners around the country to did a major remodel.
Before you undertake a new project, consider how long you plan to stay in your house and how costly the project will be. At the end of the day though, don’t forget that this is your home and you want to enjoy it, so if a spa-like bathroom makes you happy, then enjoy it while you live there and forget about making every penny back. Think of all the saving from staying home instead of going to the real spa!
