So do you decide to put the house on the market and move or stay and remodel?
Although returns on remodeling have decreased from 2006 to 2007, the decline has slowed. According to the CRS magazine, remodeling is still a good investment w/ two-thirds of the 29 upscale and mid-range projects evaluated by the study returning 65%-80% at resale. That means homeowners are paying 20 cents to 35 cents on the dollar for more and better space in their homes. 5 of the 6 projects that earned cost-recovery rates of more than 80% were exterior improvements.
Here are some interesting stats and facts regarding remodeling’s cost to recovery rate:
Home improvements with the highest returns:
88% ~ Upscale siding replacement with fiber cement materials
85% ~ Wood deck addition
83.2~ Midrange vinyl siding replacement
83%~ Minor kitchen remodel
81.2%~ Midrange wood window replacements
81%~ Upscale vinyl window replacements
Home improvements with the lowest returns:
57% ~ Home office remodels
58% ~ Installation of a backup power generator
59% ~ Midrange sunroom addition
What do you prefer, a remodel or move and why? Would love to hear your comments!!
