Remodeling Cost vs. Value Report 2009-2010

Remodeling Magazine’s 22nd annual “Remodeling Cost vs. Value Report” has been released for 2009-2010. The study measures the relationship between remodeling project costs and resale value. The report evaluates the 33 most popular projects from a national perspective and also by region. New York State falls in the “middle atlantic region”.

Projects with the greatest return both nationally and within our region include replacing the front door; replacing the exterior siding; window replacement; and, kitchen remodel. Other projects with a higher return also include converting an attic to a bedroom and adding a deck. Projects that have a lower return include home office remodel and bathroom additions/remodels.

While looking at your potential return on resale is important, there are other factors to take into consideration when looking at remodeling projects. For example, if you work out of your house the importance of working out of a comfortable home office may outweigh what your return may be down the road. If you plan to live in your home for several more years, adding on an extra bathroom to accomodate your changing needs may be a very worthwile investment.

While it is true that buyers are more likely to gravitate to homes that are in the best condition for that price range, if you’re planning on selling you should consult with your agent before spending money on home remodeling projects. Sometimes it’s not worth spending the money on projects that won’t pay back; sometimes buyers may want to make the updates themselves.

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