A home's curb appeal is at the top of most profitable remodeling projects, according to a report out this week that details remodeling costs versus value.
Every penny counts for homeowners and home sellers in a slumping housing market and those looking to remodel will consider the return on value of specific projects.
Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades, according to the report produced by Hanley Wood LLC in cooperation with Realtor Magazine.
The most profitable project on the national level was upscale siding replacement, recouping 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned more than 80 percent of costs, at 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale.
The 2007 Remodeling Cost vs. Value Report compares construction costs with resale values for 29 midrange and upscale remodeling projects comprising additions, remodels and replacements in 60 markets across the country. Data are provided for nine U.S. regions, following the divisions established by the U.S. Census Bureau. (See http://www.costvsvalue.com/.)
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