Source: REMODELING Magazine
Publication date: November 1, 2003
By Sal Alfano
Homeowners contemplating a major remodeling project are mostly interested in what the work will cost, when it will get started, and how long it will take to complete. Also on the list is how much their investment will add to the value of their home. The importance of resale value varies depending on the overall state of the housing industry and local market conditions in particular. Homeowners are usually more concerned about property values in a buyer's market, when existing homes are slow to sell. When housing sales are strong, resale value plays less of a role in their remodeling decisions, because homeowners are more confident of recovering their money. But homeowners are also concerned that their remodeling plans don't price their home out of the neighborhood.
Our annual Cost vs. Value Report attempts to quantify these concerns by comparing cost-to-construct with added resale value for a selection of the most common remodeling projects. This year, like last, the Report targets the 35 cities listed as top remodeling markets by the Harvard University Joint Center for Housing Studies.
And again like last year, certain of the sample projects include both a mid-range and an upscale project description. The goal is to provide remodelers with a range of data between two sets of cost and value figures that can be used to help set customer expectations.
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