Projects that recoup more at resale
In its annual Cost vs. Value Report that compares the cost for 35 popular remodeling projects with the value those projects retain at resale, Remodeling magazine found that the overall average cost-value ratio has improved for the first time in six years. Cost-recouped percentages increased for all 35 projects examined for the 2013 survey, a remarkable turnaround from just a year earlier, when only three of the 35 projects saw an increase in cost-recouped percentage.
Replacement projects proved especially beneficial for homeowners, who likely also benefitted from a real estate market that finally started to stabilize after an extended period of economic uncertainty that heavily influenced both buyers and sellers.
While an economy on the rebound no doubt benefitted homeowners looking to recoup as much of their home improvement investment at resale as possible, other factors likely contributed, as well. For example, homeowners surveyed for the 2013 report who added a backup power generator recouped more of their investment than in previous years. That’s likely because heavily publicized storms, such as Superstorm Sandy in late 2012, have forced homeowners and prospective homeowners to place a greater emphasis on being prepared for such storms.
Among the upscale projects surveyed, none recouped more of a homeowner’s investment than replacing existing siding with fiber-cement siding. Homeowners who financed such a project recouped 79.3 percent of the project’s cost, placing it just ahead of a garage door replacement, which recouped an average of 75.2 percent of its cost.
After years of many home improvement projects recouping little of their initial costs at resale, the tide finally seems to be turning for homeowners. More information about the 2013 Cost vs. Value Report is available at www.remodeling.hw.net.
This information was provided courtesy of MetroCreativeConnection.
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