Remodeling Magazine publishes an annual Cost vs Value Report. Here are a few highlights from their report.
On most projects the value of remodeling trended down in 2007 compared to 2006. The likely culprits for the year to year drop; rising remodeling costs and slowing home appreciation brought on by lackluster housing markets.
The cost recouped on a given remodeling project depends on a wide variety of factors. These include the condition of the rest of the house, the value of similar homes nearby and the rate at which property values are changing in the surrounding area. A home's urban, suburban or rural setting also affects its value, as does the availability and cost of new and existing homes in the immediate vicinity.
Here are findings on some remodeling projects:
Regional area - East South Central - AL, KY, MS, TN
2007 Averages
Project |
Job Cost |
Resale Value |
Cost Recouped |
Bathroom |
$14,559 |
$12,155 |
80.6% |
Major Kitchen |
$52,356 |
$42,498 |
81.2 |
Minor Kitchen |
$20,412 |
$17,341 |
85.0 |
Home Office |
25,826 |
$16,221 |
62.8 |
Sunroom |
65,273 |
40,764 |
62.5 |
Roofing |
16,987 |
12,067 |
71.0 |
Windows (vinyl) |
9,571 |
7,123 |
74.4 |
To read the entire report visit www.costvsvalue.com
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