According to the recent 2010-11Remodeling Cost vs. Value Report released by the National Association of Realtors, the top five remodeling home projects that give sellers the greatest cost recovery at resale are the following:
1) Entry Door Replacement (Steel) – cost recouped 102.1%
2) Garage Door Replacement – cost recouped 83.9%
3) Siding Replacement – cost recouped 80%
4) Kitchen Remodel – cost recouped 72.8%
5) Deck Addition – cost recouped 72.8%
Do you notice anything about the list? Four out the top five projects pertain to the exterior of the home.
“Curb appeal remains king – it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership,” said National Association of REALTORS® President Ron Phipps.
Inside, adding livable space without changing the footprint of the house is a winner. Adding an attic bedroom or finishing out a basement are both projects that seem to recoup the most money. Projects with the least return on your investment appears to be mid range office remodel, sunroom additions and backup generators.
To read the full project descriptions, access national and regional project data, and download a free PDF containing data for any of the 80 cities covered by the report, visit www.costvsvalue.com. “Cost vs. Value” is a registered trademark of Hanley Wood, LLC.