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Remodeling Your Home: The Top Ten Projects

From Moving.com

Tempted to add a deck or remodel the kitchen? Which project will add the most value to your home? The experts say it all depends on how you answer two other questions:

1. How long do you plan to remain in your home?
2. How much quality will you put into the remodeling job?

If you'll be moving within eight to ten years or less, then you should think about which remodeling will give you the best resale price. See the table below to get started. Don't be surprised if less is more. You could get a higher return from a minor kitchen remodel, for example, than from a major kitchen remodel.

On the other hand, if you plan to live in your home for a decade or more, then other key factors -- the economy, your neighborhood, and changing home styles -- will ordinarily make your remodeling efforts a secondary consideration in home price. In that case, you should choose your remodeling projects based on which improvements will bring the most improved quality of life, and worry less about recouping your investment.

Whether you're remodeling for short term gain or long term satisfaction, however, you must face the second big question: how well was your job done? Not all remodels are created equal, and visible shortcomings (sloppy cabinetry work, uneven flooring, etc.) can have a big impact on resale value. A surprising number of homeowners report dissatisfaction with their remodeling results, which unfortunately can vary as widely in quality as the contractors who do them. Yet finding reliable contractors is notoriously difficult. The Internet can help here. The good news is that, despite what you might have heard, it does not cost you more to hire a competent contractor than a shady one. In the long run, it's your best bet.

Top 10 remodeling projects with the national average cost, re-sale and cost recouped percentage:

Rank Project Cost %Recouped

1	Minor Kitchen Remodel	$8,379	102%
2	Bathroom Addition	11,721	92%
3	Major Kitchen Remodel	22,509	90%
4	Master Suite	37,388	87%
5	Two-Story Addition	56,189	87%
6	Attic Bedroom	23,002	86%
7	Family Room Addition	32,558	86%
8	Bathroom Remodel	8,563	77%
9	Deck Addition	5,927	73%
10	Replace Siding	5,099	71%
Source: Remodeling Magazine study 1997-1998

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