Does Remodeling Pay Off?

Each year, Realtor Magazine partners with Remodeling Magazine to deliver a Remodeling Cost vs. Value Report which analyzes the average cost recouped for a variety of home improvement projects.  The bottom line of this year's report seems to be that the best place to invest your remodeling dollars is on exterior improvements.  However, the thing to notice first is that none of the projects are shown to return the total amount of money invested.  As a result, I recommend that my clients carefully consider engaging in these sorts of projects for re-sale purposes.  Unless you will experience some interim enjoyment from the upgrade, it is likely not worth investing the money in the project.

Here's an overview of the top percentage returns on projects in the South-Atlantic region --- which includes Virginia:

1. Siding Replacement (fiber-cement)  =  89.4%
2. Deck Addition - Wood  =  85.6%
3. Siding Replacement  =  85.1%
4. Minor Kitchen Remodel  =  82.7%
5. Siding Replacement (foam-backed vinyl)  =  82.2%
6. Window Replacement - Vinyl  =  81%

Click here for the full table of home improvement projects, costs, and values.