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If you’re thinking about doing a little work on your home, make sure you understand the VALUE it will add to your house.   There are many reasons to improve your Colorado Home, but don’t expect to get dollar for dollar back on your home improvements costs.   One of the most important articles to read is published by Remodeling, as they put together a great report called Remodeling Cost vs Value Report 2008.

As mentioned by the article, despite home price drops in many cities, including cities in Colorado, remodeling projects are holding their own as a way for homeowners to add value.

What I really liked about the article is that it broke things down by regions instead of grouping everyone together.   We all know that things cost different prices in different areas, so this was a plus.

According to the information on the web site:  ”last year’s trend was toward higher returns on smaller, lower-cost, maintenance-related projects……. The high value of window replacement projects may also indicate that rising energy prices continue to influence remodeling decisions. Although the payback period on replacement windows can vary greatly, in homes with windows more than 15 years old, new windows not only reduce maintenance and boost curb appeal, their higher insulation levels and greater air tightness also improve a home’s energy efficiency.”

On a national scale, there were ten different projects that had the biggest paybacks.   These are:

1. Deck Addition (wood) $10,601   81.8%
2. Siding Replacement (vinyl) $10,256   80.7%
3. Minor Kitchen Remodel $21,246   79.5%
4. Window Replacement (wood) $11,512   77.7%
5. Window Replacement (vinyl) $10,537   77.2%
6. Major Kitchen Remodel $56,611   76.0%
7. Bathroom Remodel $15,899   74.6%
8. Attic Bedroom $48,398   73.8%
9. Deck Addition (composite) $15,277   73.7%
10. Basement Remodel $61,011    72.9%

The following chart shows the values reported on the Remodeling web site for the Mountains, midrange projects.  As you look through the report, it’s very interesting to see the differences between the Mountain Regional and the National report.    As an example, basement remodel is #2 on the Mountain List and #10 on the National List.

Mountain – Midrange
2008-09 National Averages

1.  
   $10,172   83.7% Siding Replacement (vinyl)
2. $58,039   82.6%  Basement Remodel
3. $11,029   80.9%  Window Replacement (wood)
4. $10,92    80.2%  Deck Addition (wood)
5. $54,900   78.0% Major Kitchen Remodel
6. $10,127   76.6% Window Replacement (vinyl)
7. $45,673   76.3%  Attic Bedroom
8. $15,119  73.9%  Bathroom Remodel
9. $15,190  72.8%  Deck Addition (composite)
10. $17,029  71.3%  Roofing Replacement

So if you’re thinking about doing a little work on your home, these areas are an excellent starting point!

Complete regional and city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com.”

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To find out more information about Colorado Springs, Call ……

Kathy (719-287-1049)   KTorline@msn.com