Remodeling Projects That Have the Best Payoffs – Free iPhone APP
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Remodeling Magazine has released the 2011-2012 study analyzing which remodeling projects have the best payoff for homeowners. This report is must-have information to homeowners, appraisers, Realtors® and real estate agents that are listing homes for sale. Even better, the information is available via a free iPhone APP.
The study looks at the various value added of mid-range and up-scale projects, with the typical costs and value added as follows:
In this report, not only do the researchers give national results, they also invoke the TINSTAANREM clause—There Is No Such Thing As A National Real Estate Market, by differentiating value added amounts depending on which of their nine defined regions of the country the remodeling project is located, also drilling down to individual cities in those regions. For example, when replacing an entry door with a steel door, the national average value added is 102.1 percent (it costs $1,218 and has a net increased value add of $1,243), while in the West North Central Region (Des Moines, Iowa, Minneapolis, Minnesota, Kansas City, Missouri, Omaha, Nebraska, Sioux Falls, South Dakota, St Louis, Missouri, Wichita, Kansas), the steel entry door replacement costs on average $1,219 with an added value of $962—a recovery of 78.9 percent of the cost.
Great information. My compliments to the researchers at Remodeling Magazine.