Are You Considering a Major Home Improvement Project in the Near Future ? There are possible considerations when weighing the cost of the project versus the possible value that might be added to your home as a result of making the improvement.

Every year, REALTOR magazine evaluates the potential paybacks that a homeowner might enjoy as a result of a variety of home remodeling projects. In the December 2008 issue of the magazine, there is an assessment of the possible “top” home improvement projects that could possibly improve the marketability and value of a home, based upon several criteria. The assessment is based upon the region of the country where the home is located (Indiana being considered as East North Central), and midrange versus upscale remodeling projects (reflective of the cost range of the project).

The article described the top ten project paybacks as being “replacement projects that boost curb appeal--- siding, windows, and decks”. It also stated “only kitchen remodels can compare, at least on a national basis”. The following details illustrate the findings from REALTOR magazine relative to remodeling projects for decks, siding, windows, and kitchens, as well as other select projects:

Remodel Type Upscale Cost / % Value Retained Midrange Cost / % Value Retained

Composite Deck Addition $37,893 / $20,747 – 54.8% $15,440 / $9,910 – 64.2%

Wood Deck Addition $10,534 / $7,263 – 68.9%

Fiber Cement Siding $12,965 / $10,279 – 79.3%

Vinyl Siding $12,184 / $9,061 - 74.4% $10,398 / $7,591 – 73.0%

Wood Windows $18,276 / $12,127 – 66.4% $12,117 / $8,156 – 67.3%

Vinyl Windows $14,322 / $9,806 – 68.5% $11,077 / $7,429 – 67.1%

Kitchen (Major Remodel) $113,056 / $70,703 – 62.5% $58,253 / $38,726 – 66.5%

Kitchen (Minor Remodel) $21,759 / $15,038 – 69.1%

Roofing $39,144 / $20,594 – 52.6% $20,227 / $11,056 – 54.7%