Agent

Is remodeling worth the expense?

Comparing project valuations
Published on Feb 19, 2007

Remodeling magazine's 19th annual "Cost vs. Value Report" could give prospective home remodelers a cause for concern. According to the report, the cost of remodeling increased at the same time that the return on the dollars invested decreased. Like the recent correction in the home sale market, the remodeling boom of recent years appears to be returning to more normal levels. It was an adjustment that was bound to happen. Remodeling magazine made changes in the way they analyzed data for the 2006 report, which is thought to have contributed to the higher, yet more accurate, remodeling cost figures. Estimates of resale value are also thought to be more accurate in 2006 than in previous years. A record 2,188 members of the National Association of Realtors completed the magazine's online survey. Keep in mind that the valuations cited in the report are based on averages. In reality, factors like cost of finishes, the condition of the rest of the house and local market conditions can cause...

Comments