The annual 2009 Remodeling Cost vs. Value Report has been releaased by the National Assn. of Realtors, and shows that exterior remodeling projects definitely bring the best return. Small-scale exterior projects are the most profitable at resale, according to estimates by Realtors who completed a recent survey.
As reported by RISMedia, "On a national level, eight out of the top 10 projects in terms of costs recouped were exterior replacement projects that cost less than $14,000. Certain types of door and siding replacements, as well as wood deck additions all returned more than 80% of project costs upon resale. A steel entry door replacement-a new addition to this year's list-recouped 128.9% of costs, followed by upscale fiber-cement sliding replacements at 83.6%. Wood deck additions recouped 80.6% of costs.
"'Once again, this year's Remodeling Cost vs. Value Report highlights the importance of a home's first impression. With exterior projects returning a high percent of project costs upon resale, Realtors can help give your home curb appeal while adding value to the real estate transaction,' said NAR President Vicki Cox Golder."
Other exterior projects in the top 10 include midrange vinyl and upscale foam-backed vinyl sliding replacements, which returned more than 79% of costs. In addition, several types of window replacements-midrange wood, midrange vinyl, and upscale vinyl-all returned more than 76% of costs upon sale.
The South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia performed relatively well terms of remodeling costs recouped upon resale. For more information, visit Realtor.org or contact me for a copy of the report.
(resource: RISMedia)
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