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Remodeling a Home Still Pays Off

The remodeling industry shrank a bit in 2008, as concerned consumers zipped wallets tighter amid an uncertain economy and real estate market, according to data from the Joint Center for Housing Studies at Harvard University. Yet, remodeling still provides a good bang for the buck, according to the 2008-2009 “Cost vs. Value” survey fromRemodeling Magazine. The magazine’s annual report shows that maintenance-related projects and moderately priced upgrades are providing stable paybacks, even in a slower market.

At least ten mid-range remodeling projects will let you recoup more than 72.9% of your investment, according to Remodeling. Top remodeling gestures include typical big-ticket expenditures that are work-intensive, such as kitchen remodeling, but also more affordable maneuvers, such as adding a deck or replacing aging vinyl siding. Here’s a look at some of today’s most rewarding remodeling investments and the national average costs:

Deck addition (wood), average cost $10,601 — 81.8% of cost recouped

Vinyl siding replacement, average cost $10,256 – 80.7% of cost recouped

Minor kitchen remodel, average cost $21,246 – 79.5% of cost recouped

Major kitchen remodel, average cost $56,611 – 76% of cost recouped

Window replacement (wood), average cost $11,512—77.7% of cost recouped

Window replacement (vinyl), average cost $10,537 – 77.2% of cost recouped

Bathroom remodel, average cost $15,899 – 74.6% of cost recouped

Attic bedroom, average cost $48,398 – 73.8% of cost recouped

Deck addition (composite), average cost $15,277 – 73.7% of cost recouped

Basement remodel, average cost $61,011 – 72.9% of cost recouped

Cost vs. Value Report is available online at www.costvsvalue.com

SOURCE: Remodeling Magazine