2009 Cost vs. Value Report:
Small Projects, Big Bang
Judicious home remodeling is still worth the investment,
according to Remodeling magazine's annual "Cost vs.
Value Report."
Uncertainty and restraint are the order of the day in
this economy, and that sense of caution is reflected in
home owners’ return on their investment in remodeling
projects, according to REALTORS® in 80 metropolitan
markets surveyed by Remodeling magazine for this
year’s Cost vs. Value Report.
The
majority of the 10 remodeling projects with the best
return on investment nationally are a testament to
pragmatism. Six of the 10 projects—siding and window
replacement using a variety of materials—involve home
maintenance that costs less than $14,000.
Two
more—adding an attic bedroom or a wood deck—reinforce
the notion that boosting the amount of livable space in
and around your home will attract buyers who are
increasingly looking for more room for their buck. In
past years, converting an attic into a bedroom was a
project that landed squarely in the middle of the
rankings, but this year it leapfrogged over other
categories into third place. It’s an admittedly pricey
project, with an average national cost of nearly
$50,000, but it generates an average national return of
83.1 percent and a better-than-100 percent return on
investment, according to REALTORS® in 14 of the 80
cities surveyed. Adding a wood deck is much more
economical, with an average national cost of slightly
more than $10,000. Its average national return is 80.6
percent, but in six cities, its return is estimated at
100 percent or greater.
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