Remodeling Returns IN A SLUGGISH MARKET

According to Bankrate.com’s top five list,

bathroom remodels are the most popular,

with 16 percent of survey respondents citing

this improvement as the one they’ve completed most recently. The next four in order of popularity, include kitchen

remodeling, room addition remodels, floor

coverings, and painting and wall coverings.

When seeking additional space,

homeowners are most likely to consider

adding living space, such as a den or a

bedroom.

Whether you’re seeking an updated decor or

adding more living space, you will want to

consider the return you may receive on your

remodeling project. The Cost vs.

Value study provides the following information.

You might expect kitchen and bathroom

remodels to really pay off, and they do, but

according to the 2006 study, the highest

return on investment occurs when homeowners

improve the siding on their homes. Replacement

vinyl siding brings a very respectable 87.2

percent return on investment when the project

is completed and the home resold. A minor

kitchen remodel is close behind, garnering an

85.2 percent return. It pays to remodel your

existing bathroom since you can expect to

recoup 84.9 percent of your expenses. Adding

a bathroom is another story, however. You’ll

only recover 74.9 percent of your investment.

While they may not be sexy improvements,

other outdoor repairs also are a good value.

Window replacements recover approximately

85 percent of their cost, with wood windows

outpacing vinyl by about two percent.

How about that sunroom you’ve always

wanted? Go ahead and put one in, but make

sure you stay in your home long enough to

enjoy it. It’s not going to help a great deal

with your home’s resale value, and you’ll only

recover 66 percent of your investment. If you’re

tired of the look of your home office, go ahead

and update it, but again, keep in mind, you’ll

only recover 63 percent of what you spend.

But if you’re at the point where you just

can’t stand the fluorescent lighting and cement

floor, a remodeling project may indeed be worth

the money you spend.

You should also have your home inspected

prior to selling it says Tom Sansone from

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