Where to Research Before Remodeling a House
The annual Cost vs. Value Report is the most reliable and widely used guide for estimating return on remodeling investments. Hanley Wood and Remodeling Magazine publish the guide based on surveys conducted with members of the National Association of Realtors. The surveys ask about the changes in anticipated resale value based on specific remodeling projects. The results are tallied and listed as national and regional averages. The top national projects are:
- A $10,000 deck addition, which is estimated to recoup $8,700 in boosted resale value.
- A $10,000 siding replacement project, which will increase resale value by $8,300.
The poorest return on investment comes from a home office remodel, which recoups just 50 percent of the cost.
Pay attention to the cost estimates for each project on the Cost vs. Value report. Not all remodels offer the same home resale value. A new countertop will raise the home value, but a granite countertop may be nearly as valuable to a buyer as a much more expensive Italian marble countertop.