Remodeling: What Gets the Best Bang for Your Buck?

Thinking of remodeling or upgrading before you sell but you’re not sure where to start? You’re in luck. The results are in for Remodeling Magazine’s annual Cost vs. Value report, which is produced in cooperation with Realtor® magazine. This year’s big winners are decks, kitchens & baths (big surprise), and vinyl siding.

If you add a wooden deck, you’ll recoup 81.8% of the cost when you resell, and a composite deck will get you 73.7%.

Kitchens and baths are perennial winners. The 2008 average for a minor kitchen upgrade was $21,246, with $16,881 recouped at resale, or 79.5%. Not too shabby. And ditching that pink and black tile in the bathroom will return 74.6%.

Vinyl siding replacement was another big winner in the report. The average cost in ’08 for the job was $10,256. You’ll recoup 80.7% of the cost at resale, or $8,274. And getting rid of those old, drafty windows and replacing them with low-maintenance vinyl windows will not only cut down on your heating and cooling costs, but you’ll recoup 77.2% of the cost at resale. Sweet.

Just one more thing: Before you start any of the work, check references and make sure your contractor is licensed! Thanks for stopping by, and tune in next week for more information you just can’t live without. Have a great week!