Remodeling Projects - What Pays Off and What Doesn't?

Cost Vs. Value - Home Improvement Projects

REALTOR Magazine has come out with this year's report on the home improvement projects that will best help in getting the home sold, and give the seller the most return for their money. Based on national averages, they say, exterior remodel projects such as siding, decks, and replacement windows will provide the most return. On the inside, only a kitchen remodel comes close to the same return, and a minor upgrade will return more than a major remodel, 79.5% vs. 76%.

The following percentages are REALTOR Magazines' 2008 Colorado average returns on the money vs. the national midrange average, for both midrange and upscale remodels and replacements:

Remodels                             MidRange                        Upscale         National Avg.

Bathroom                             73.9%                          72.0%                74.6%

Basement                             82.6%                                                  72.9%

Kitchen (minor)                     81.5%                                                  79.5%

Kitchen (major)                     78.0%                          72.8%                76.0%

Home Office                          56.4%                                                  54.6%

Replacements

Roofing                                 71.3%                          68.4%             65.5%

Vinyl Siding                           83.7%                          81.5%              80.7%

Vinyl Windows                       76.6%                          79.4%              77.2%

Wood Windows                      80.9%                          78.1%              77.7%

Looks like finished basements are a really big deal in Colorado, about 10% higher return on the money than the national average.

Renovations are holding their values better than home prices. The reason, according to the study, is that when the housing market slows, people tend to stay where they are and renovate, rather than move. And when the time does come to sell, the improvements they've made will help to sell the home.

Prudential Professional REALTORS, ASP REALTOR, Woodland Park Real Estate, Woodland Park Colorado 80863 – Serving the City of Woodland Park, Teller County, Ute Pass, and Park County since 1997.