According to Market Watch, almost 50% of remodeling companies have reported an increase in business as homeowners remodel their homes instead of buying new homes or moving. Why is it that homeowners are remodeling and how does remodeling increase a homes value?
According to the Joint Center for Housing Studies, the annual spending on home remodeling projects is expected to rise 5.9% by the end of 2012. One good reason for this is the weak housing economic market. Homeowners are still cautious about spending for big ticket items and instead are opting for projects which have the potential to increase their home market value.
But how does remodeling affect the market value of your home?
According to Remodel Magazine 2011/2012 Cost vs. Value report, the top 10 remodeling projects are as follows:
|Project||Job Cost||Resale Value||Cost Recouped|
|Siding Replacement (fiber-cement)||$13,461||$10,493||78.0%|
|Garage Door Replacement||$2,994||$2,129||71.1%|
|Siding Replacement (foam-backed vinyl)||$14,274||$9,937||69.6%|
|Window Replacement (vinyl)||$14,328||$9,898||69.1%|
|Window Replacement (wood)||$18,999||$12,175||64.1%|
|Grand Entrance (fiberglass)||$7,488||$4,554||60.8%|
|Major Kitchen Remodel||$110,938||$63,731||57.4%|
|Deck Addition (composite)||$37,829||$20,637||54.6%|
In today’s economy, remodeling not only makes sense as you seek to increase the comfort level but also from a financial aspect as well.
If you are interested in a siding or window remodel, please contact American Exteriors at www.amext.com.
We look forward to working with you.