Remodeling Magazine's annual "Cost vs. Value Report" is finally out with the 2007 projects. What Home Remodel Projects actually pay off at seling time? Don't listen to the people at Lowe's or Home Depot - this report actually gives recoup costs on most projects done around the home. Not everything pays off as you might expect.
Actual report in PDF Format This is a national report - pick the "EAST NORTH CENTRAL" Region for our area of Chicago.
Of projects that saw national cost recovery rates of more than 80 percent in 2007, only one - a minor kitchen remodel, with 83 percent of cost recovered - was a strictly interior job. The others were an upscale siding replacement using fiber cement materials (88.1 percent), a wood deck addition (85.4 percent), midrange vinyl siding replacement (83.2 percent), and upscale vinyl and midrange wood window replacements (81 percent and 81.2 percent, respectively).
Projects with highest national percentage of costs recouped:
88%
Upscale siding replacement
85%
Wood deck addition
81%
Wood window replacement
83%
Minor kitchen remodel
In this report there are wide regional swings. A midrange bathroom remodel recovers 85% of it's cost in the South but only 63% in the Midwest. This report is a good rule of thumb for anyone anticipating or planning on doing remodeling projects in the near future.
This report is just a small sampling of information that I provide my buying and selling clients from my home search website. Sellers can get marketing information in the "SELL YOUR PROPERTY" section. Buyers have great advice in the "CONSUMER ADVISOR" section. Mortgage advice and mortgage calculators are also available.
Looking to buy or sell a home in the Schaumburg Area? I'm confident that I can provide the kind of exceptional service that will make the process as hassle free as possible. This is just one small example of the information that I provide to all my clients!
Lyn Sims of RE/MAX Suburban (847)230-7324 works in the Northwest Chicago Suburbs of Schaumburg, Hoffman Estates, Bartlett, Hanover Park, Streamwood, St. Charles, Bloomingdale, Elgin, South Elgin, Roselle, Medinah, and Itasca areas.
