Remodeling Magazine has released its 2010-11 cost vs. value report for home remodeling projects, and it’s full of interesting bits of information.
The good news is that homeowners (in the Middle Atlantic region, where Long Island falls in this study) will get back at least 43.1 percent of their project cost on any renovation project. That was the lowest percentage point in the study, and it is associated with a home office remodel.
The bad news is that the percentage of costs recouped has gone down in all projects versus a year ago.
The somewhat surprising news is that the resale value data is based purely on estimates by 150,000 appraisers, sales agents and brokers. Nothing scientific there.
Some 22 home projects were analyzed. They range from the addition of a family room to installation of a backup power generator. The most expensive project is a two-story addition ($171,895 with a recoup level of 60.7 percent) and the least expensive is a steel entry door replacement ($1,279, with a whopping 97.2 percent recoup level). All the data can be seen here.
The bottom line is definitely let the new steel entry door hit you on the way back from the home improvement store.