Remodelers Check It Out : 2007 Cost vs.Value Report
December 6th, 2007 Categories: Real Estate News
If you are in the throes of deciding how much to spend or whether to remodel, check out the 2007 cost vs. value report.
Whether they want to enjoy their home more or prepare it for sale, my friends and clients always ask where to spend their remodel dollars. For the past 20 years this report by Remodeling Magazine has analyzed cost and payback by region for specific projects. For most projects/regions the value of a remodel trended down in 2007 over 2006 due to rising building costs and decreasing resale value. Luckily for us, the PACIFIC region estimated a cost recovery of more than 100% for these six projects:
1. Wood deck addition
2. Minor kitchen remodel
3. Fiber cement siding replacement
4. Wood window replacement
5. Vinyl window replacement
6. Vinyl siding
If you are planning a move soon you will get the most juice from focusing your efforts on exterior upgrades and small kitchen remodels. Small differences in project size, scope and quality of finishes dramatically effect cost, but also dramatically effect the perceived value of the house. Be sure that the remodel does not cast the rest of the house in a dated or worn light.
So go ahead, get the granite counters. You will enjoy them and chances are they will pay back.
Biggest losers in terms of cost vs. value in our region are a home office remodel, master suite addition, sun room addition and the addition of a back-up power generator. Read more about the Sacramento region by clicking here.
[…] issue. You can see this information at www.costvsvalue.com. Karl at Pensacola Real Estate News and Jamie at Davis Real Estate blog give an overview of the report and how it relates to their market. More on this coming to Dothan […]