Renovating home’s exterior pays off

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Most homeowners expect the value of their homes will increase when they spend money on remodeling. However, this is often not the case. The recent Cost vs. Value Report prepared by Remodeling magazine in conjunction with the National Association of Realtors makes this point abundantly clear. The Cost vs. Value Report was based on a survey of more than 100,000 appraisers, real estate sales agents and brokers in 65 different markets around the country. The survey included information about construction costs and specifications for 29 mid- to high-range projects. Those who participated in the survey were asked to estimate the percent returned on resale for each project. In general, the value of remodeling was down in 2007 compared to 2006. This was attributed to rising renovation costs and a slower rate of home-price appreciation. Also revealed in the report is a trend toward renovation projects that improve the exterior of a home. Nationally, of those projects that paid back...