The trend is towards updating rather than extravagant remodels from the looks of the new 2011/2012 Cost vs. Value Report from Remodeling Magazine. The report measures how much 35 common home improvements cost compared to how much they will re-coup when a home is sold. The top pay-offs (between 70% and 78% of their cost) come from replacing siding, adding a new garage or new entry door. Other remodels with similar pay offs include a minor kitchen remodel and adding a bedroom and bath to an existing attic space.
The worst performers in terms of resale value include adding a sun room (45.9%), adding a back-up power generator (47.5%) and remodeling a home office (42.9%).
A sluggish housing market continues to push down remodeling return on investment. Since its peak in 2005 at 86.7%, the overall average cost-value ratio has dropped 29 points to 57.7%
Click here to see the full report.
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