Remodeling Magazine in conjunction with the National Association of Realtors has just published their 2008-2009 Cost vs. Value Report which shows that remodeling, especially maintenance related projects and moderately priced upgrades, are providing stable paybacks, even in a slower market.
If you are wondering where your money will be safest during uncertain economic times, the following projects show the greatest return on investment.
Connecticut Region
Attic to Bedroom Midrange Remodel 67.2%
Kitchen Midrange Remodel 82%
Bathroom Upscale Remodel 67%
Basement Midrange Remodel 60%
New England Region
Midrange Deck Addition 76.8%
Midrange Siding 78.8%
Midrange Wood Windows 75%
Future sellers, making home improvements now can head off buyers trying to peck away at the sales price by pointing out imperfections. If some improvements are done, the improvements will help sell the property. However, a weakened economy is likely to slow seller spending on remodeling, at least in the short term and studies predict a 12% decline by second quarter 2009. Yet, despite declines in overall remodeling dollars spent and markets going through adjustments, investing in your own home may still be the wisest move.
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