Tuesday, March 3, 2009

Home Improvement Cost vs. Resale Value Report

If you're like us, your house has withstood lots of wear and tear through the years, but it's getting a little bit tired. We could use new carpeting, and we would love new kitchen appliances and counters. I've already decided to update (rather than replace) our cupboards by having them professionally painted. Last, but not least, the master bath needs new tile and I'd like to install heated floors under new travertine or marble floors.

Of course, we are in the dreaming stage, and in this new economy, we're just floating along, glad that we have jobs, and really glad that our kids have stable employment.

But if you're past the dreaming stage, or have done any remodling or updates recently, it's important to know what value they might add as you get ready to sell your house.

Last spring we had our siding replaced (86.7%), installed new windows (79.2%)in the front of our house, and had our old deck replaced(81.8%). From the list below, it appears that we did some of the most cost-effective improvements. The kitchen remodel we have in mind should yield about a 79% return on investment, but it will be one of the most enjoyable investments I can imagine.

Where do your home improvements fall on the resale value list?

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