My latest issue of The Residential Specialist Magazine had a small article on the cost vs value of several remodeling projects. As an avid " do it yourselfer" I love to watch all those do it yourself shows that instruct us on everything from curb appeal to replacing the tile in my bathroom. While I was working the Wichita Home Show 2 years ago I had just analyzed the latest NAR Cost VS Value information and was surprised to find out that the most cost efficient remodels had to do with exterior jobs. Our booth happened to be next to several siding company booths and I decided to get a siding education while on duty. At that time a siding remodel in our Midwest area was recouping about 114% of the cost when the house was sold. The numbers today are still strong. In Remodeling magazines 2007 Cost vs Value report 5 of the 6 projects that earned cost-recovery rates of more than 80 percent were exterior improvements. The top improvements included 1) upscale siding replacement with fiber cement materials 88.1%, 2) Wood deck addition 85.4% 3) Mid range vinyl siding replacement 83.2% 4) Mid range wood window replacements 81.2% and 5) Upscale vinyl window replacements 81%.
On the other end of the scale Home-office remodles re-couped only 57%, and a mid-range sunroom addition only brought in 59.1% of the cost paid.
Looks like my plans to side the house this summer will still be an attractive selling point if and when I decide to sell.
Monday, March 10, 2008
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