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Daily Real Estate News | November 19, 2007
Spending on Remodeling Declines
Home owner spending on home-improvement projects is expected to decline for the first time since late 2003, according to Harvard University's Joint Center for Housing Studies. Overall, remodeling spending in 2007 is projected to be 2.3 percent lower than 2006.
According to Remodeling magazine’s annual Cost vs. Value Report, projects that are paying off the most in this year's report include:
- A midrange wood window replacement, which recovers an average 81.2 percent of the cost at resale;
- A midrange siding replacement recovers 83.2 percent of the cost at resale;
- An upscale fiber-cement siding replacement recovers 88.1 percent of its cost;
- A midrange wood deck addition recovers 85.4 percent at resale.
Projects that provide less payback are:
- A midrange home-office remodel, which recovers an average 57 percent of the cost at resale;
- A midrange sunroom addition recovers 59.1 percent;
- A midrange garage addition recovers 69.5 percent of its cost, while an upscale garage addition recovers about 64.6 percent of its cost;
- A midrange attic bedroom remodel recovers 76.6 percent at resale.
Source: MarketWatch, Amy Hoak (11/09/2007)
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