Filed in Home Improvement on Dec 7th, 2008. 
During these uncertain financial times it is more important than ever to spend your money wisely. While it may very well be one of the best times in recent memory to purchase a new home, some are opting for remodeling as an otion to get closer to that home of their dreams. But how do you know what projects to undertake?
Personally, you have to live there, so I think you should do something that you really want to do. If
2008 Remodel Cost vs. Value Report
you get a high return on your investment, but you are not very excited about the project, maybe you should consider doing something else. There are project, however, that can pay big dividends in the eventual sale of your home. So when considering a home remodel project, you might want to consider which projects give you the most return on your remodel investment.
Every year Remodeling Magazine publishes their annual report showing the return on investment for various home remodel projects. Their results can help you decide which remodel project to undertake this coming year.Remodeling remains hot in many cities, where, on at least some projects, home owners can recover 100 percent of their costs. High rates of recovery were seen in both strong real estate markets and weak ones. Many cities with the highest rates of recovery were smaller, which may point to lower labor and materials costs that are easier to recoup.
Exterior remodeling project are the leader for recovery on dollars spent in this year's Cost vs. Value survey. When you compare the national averages, replacement projects that boost curb appeal like siding, windows, and decks, give you the greatest chance of recouping your money. On a national level, only kitchen remodels can compare, at least on a national level.
What are the top 10 remodels for dollar recovery?
- Upscale fiber cement siding (86.7%)
- Midrange wood deck (81.8%)
- Midrange vinyl siding (80.7%) (not a personal favorite)
- Upscale foam-backed vinyl (80.4%) (not a personal favorite)
- Midrange minor kitchen remodel (79.5%)
- Upscale vinyl window replacement (79.2%)
- Midrange wood window replacement (77.7%)
- Midrange vinyl window replacement (77.2%)
- Upscale wood window replacement (76.5%
- Midrange major kitchen remodel (76.0%)
Except for vinyl siding, any of the projects above are good ones to consider at your home. If your home is old enough to have wood framed windows, most remodel experts recommend replacing them with vinyl framed windows when they need to be replaced. Not mentioned above, but also recommended is master bath upgrades.
You can view all the details and read the full report here (opens in a new window).
