If the housing market was better you might move to a bigger home. With the current home market, remodeling your current home might be a more practical approach. Thinking ahead to when you will sell the house, you want to insure that the money you invest today will provide a good return later.
Remodeling Projects with Highest Return
Here is a summary of the top 13 projects (full report includes 30) offerings paybacks of 75% or more when you sell your home. This data is based on Remodeling Magazine's Cost vs Value Report 2007 for New England.
The key messages worth highlighting:
- Exterior projects remain at the top to those projects that increase the value of your home and save energy costs. The focus continues to be on upgrading windows and siding, which are the biggest sources of heat loss in most homes.
- Deck projects (wood and composites) made the top 12 this year, as they provide outside living space, without the costs associated with additions, i.e. excavation, foundations and roofs.
- Interior projects focus on kitchens and bathrooms which have a great deal of influence on the marketability of your home. Added this year is the attic bedroom remodel. This project provides room to grow within your existing home's footprint at a more affordable price than last year's two-story addition.
Depending on the size of your remodeling project, you will want to work with a remodeling company or professional handyman with experience completing the type of project your are planning. With my handyman company, we have completed full attic and basement remodels although we have more expertise in smaller projects like bathrooms, reconfiguring closets and bedrooms. A reliable home professional will identify when a project is beyond their scope and provide referrals to their peers, people they know through professional organizations like the NH Home Builder and Remodelers Association and 4 Walls 1 Roof, a network of women owned businesses and professionals providing products and services for the home.
|Remodeling Projects||Average Job Cost||Average Resale Value||% Cost Recouped|
|Siding Replacement (Midrange)||$9,990||$9,156||91.7%|
|Siding Replacement – Fiber Cement||$13,310||$11,517||86.5%|
|Minor Kitchen Remodel (Midrange)||$21,516||$18,507||86.0%|
|Deck Addition – Wood||$10,634||$8,977||85.4%|
|Siding Replacement – Foam Backed Vinyl||$12,182||$10,328||84.4%|
|Window Replacmeent – Vinyl (Upscale)||$13,913||$11,470||82.4%|
|Window Replacement – Vinyl (Midrange)||$10,702||$8,698||81.3%|
|Window Replacement – Wood (Midrange)||$11,697||$9,514||81.3%|
|Major Kitchen Remodel||$56,438||$43,848||77.7%|
|Deck Addition – Composite||$15,224||$11,833||77.7%|
|Attic Bedroom Remodel||$48,982||$37,584||76.7%|
|Major Kitchen Remodel (Upscale)||$110,450||$84,689||76.7%|
|Note: The table shown in this table comes from Remodeling Magzine's Cost vs Value Report.|