The 2009-10 Renovation Cost Vs. Value Report is Out - Did You Spend Your Remodeling Dollars Wisely?

The 22nd annual Remodeling Cost verus Value Report is here. The Remodeling Cost versus Value Report has been used as a guide for real estate and residential remodeling markets as it compares national and regional averages for 33 popular remodeling projects in eight U.S. cities.

The latest data shows the trend is still headed downward, last year's overall cost-value ratio was 67.3%, (down 2.7 points from the year before) this year's ratio is 63.8%, a larger 3.5-point drop. The drop in the number is not really a surprise considering the very volatile real estate year we just experienced, which was filled with foreclosures.

To view the article, click here: http://www.remodeling.hw.net/2009/costvsvalue/national.aspx

Exterior replacement projects seemed to rank the highest in this report and occupy 7 out of 10 of the highest spots. These results support the idea that curb appeal is king and that creating a first impression is very important for all potential buyers. The American Recovery and Reinvestment Act tax credit may also have played a part in these external upgrades, let's face it a tax credit never hurts.

Here are some results of the 2009-10 Cost vs. Value Report:

• Entry Door Replacement (steel) has a 128.9% cost recouped.
• Attic Bedroom has a 83.1% cost recouped.
• Basement Remodel has a 75.4% cost recouped.
• Grand Entrance (fiberglass) has a 68.8% cost recouped.
• Roofing Replacement has a 66.6% cost recouped.
• Entry Door Replacement (fiberglass) has a 65.2% cost recouped.
• Backup Power Generator has a 58.9% cost recouped.

For a home to sell in today's real estate market, the home needs to be turnkey ready and this may be another factor for all the external replacement projects dominating the report.  An entry door replacement (steel) will cost under $1,200 but the cost/value ratio is 128.9%, this is a great investment no matter how you look at.  The front door of your home is one of the items a potential buyer can see from the street and is very important when you are selling your home.

The last four year trends for renovation projects have been towards smaller, low maintenance projects with an emphasis on essentials rather than extras. If and when the economy starts to improve, home owners may start to focus on larger more glamorous renovations.

So, did you spend your remodeling dollars wisely in 2009?

Kate, your expert New York and New Jersey Home Stager, Kate's House Staging and Redesign, www.kateshomestaging.com, 845-538-3623.