Your Guide to Kitchen Cabinet Refacing
Return on Remodeling Investments: 2006 Cost-to-Value Reportby Amy Fanter
Face Your Kitchen Columnist
Since 1988, Remodeling Magazine has been tracking the cost and return on investment of typical home remodeling projects in sixty housing markets across the country. This annual Cost vs. Value report gives homeowners, remodeling professionals, as well as other realtors, a general idea of which home remodeling investments are likely to be the most cost-effective.
While return on investment varies based upon your particular home and housing market, the 2006 Cost vs. Value report shows that siding, kitchen remodeling projects, and window replacements are more likely to result in a bigger payday when you home is sold, regardless of where you live.
Remodeling's 2006 ReportThe 2006 Cost vs. Value report looked at twenty-five remodeling projects. This year's remodeling projects ranged in cost from $12,918 for a bathroom remodel to roughly $177,000 for a master suite addition. And, while these entire home remodeling projects produced measurable returns for the homeowner, some projects were more productive that others.
The Top Home Remodeling InvestmentsLeading the list of the most worthwhile remodeling investments in 2006 was home siding. This home remodeling project resulted in an 87% return on investment for those installing vinyl siding and 88% for those installing fiber cement siding. Coming in a close second and third were wood window replacements, which resulted in a 85.3% return, and minor kitchen remodels, which netted 85.2%. Home office remodels, came in at the lower end of the scale. A home office may be quite useful to you as a homeowner--but if you are planning on selling soon, keep in mind that this home remodeling project offers an average 66% return on investment.
If you are thinking about a remodeling project, it pays to know not only what you'll be paying, but also what your payback is likely to be.
About the Author
AJ Fanter is a freelance writer based in Reno, Nevada.