What's Outside counts
Many buyers judge a house by its exterior, or so it seems from the results of the Remodeling Cost vs. Value Report for 2007. Three of the four projects with the highest national percentage of costs recouped last year were exterior upgrades, according to the report, which was produced by Hanley Wood LLC in cooperation with the National Association of Realtors®’ (NAR) REALTOR Magazine.
The study found the most profitable project nationally was upscale siding replacement, recouping 88 percent of costs upon resale. Wood deck additions and wood window replacements also returned 85 percent and 81 percent, respectively. On a national average, the only interior project to return more than 80 percent of remodeling costs this year was a minor kitchen remodel, returning 83 percent of project costs at resale.
“The results of this year’s Remodeling Cost vs. Value report underscore the importance of curb appeal in the buyer’s eye,” says 2008 NAR President Dick Gaylord. “Realtors know what attracts buyers in their local markets and can help your house put its best façade forward, so to speak, it’s another way Realtors add value to the real estate transaction.”
For more information, go to www.costvsvalue.com