October 8, 2006 1:22 AM
Financial Payoff For Your Remodeling Project
Be reminded to take the numbers with a grain of salt. It might work when the housing market is booming, but in a cooling market like this?
From Kiplinger's Personal Finance:
The table below shows the average price tag for a dozen popular projects, based on figures provided by HomeTech Information Systems, which develops software for estimating remodeling costs. The percentage of cost recouped at resale is based on estimates by members of the National Association of Realtors. The numbers are national averages (single-city reprints for 60 cities can be ordered for $9.95 per reprint at www.remodelingmagazine.com). The payback can vary dramatically by region.
Check out the average cost nationwide for 12 remodeling projects, plus estimates of how much of that cost you would recoup when you sell your home. Keep in mind that payback can vary dramatically by region, however. In the case of a minor kitchen remodel, for example, recovery ranges from 85% in the Midwest to 112% in the West.
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