Cost versus value report -- 2007

Remodeling Magazine, published by Hanley-Wood, LLC, Washington, D.C., has been publishing the "Cost vs. Value Report" annually for some twenty years. The 2007 version compiles information for 65 metropolitan areas (top remodeling areas) on 29 upscale and midrange home improvement projects estimated by HomeTech Information Systems (www.hometechonline.com), which publishes estimating software for professional remodelers.

What do the numbers have to say? Higher cost estimates for projects coupled with lower resale prices have tipped the percentages to below 100% with minor exceptions. New for this year is an online source (requires registration) for free city reports. If interested, go to www.costvsvalue.com. A map on the site shows cost comparisons by region.

Here are samples of midrange projects for the Pacific Region along with its average percentage of cost recouped:

• Bathroom addition - 83%
• Deck addition - 108%
• Family room addition - 84%
• Master Suite addition - 87%
• Bathroom remodel - 96%
• Home office remodel - 68%
• Major kitchen remodel - 96%
• Minor kitchen remodel - 103% (one of the projects I have advised my clients to consider)
• Roof replacement - 85%
• Siding replacement - 82%
• Windows replacement (vinyl) - 98%

Hope this information is of help to you as you decide on remodeling projects to either enhance the value of your home for immediate reselling or to enjoy the lifestyle benefits of the improvement before you eventually sell.

For more information and to view the entire report online, please visit www.realtor.org/realtormag. If you want a professional opinion of potential payback for a project you are contemplating, please let me know at Tom.McEvoy@remax.net. For a referral to a licensed tradesperson to obtain quotes or just to talk it over as you firm up your plans, please let me know. The only thing I get for a referral of this type is the knowledge that my client will be well-cared for.

Thanks for reading!