Colorado Springs Vintage Homes Blog
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Top 5 Remodeling projects
Remodeling in Colorado Springs?
For a Free Market Analysis on your neighborhood, email Kathy Torline at KTorline@msn.com
HOME REPAIR Must read Articles:
The 2009 Remodeling Cost vs. Value Report just got released, and I think it’s a MUST read for all Colorado Springs homeowners 
and all Realtors. There is an amazing wealth of information is included in this report. It the 22nd annual report and compares the cost of remodeling vs. value. I really enjoyed the data since I’m personally getting ready to do my first flip this year, which also made me realize what a great document it is for Investors.
On the web site, you can pull up the info on 80 different cities. It starts with going to your area of the country on the map, then picking out the closest city. Colorado Springs wasn’t one of the cities, but Denver was; hence the data may need to be adjusted slightly for the Colorado Springs area vs. Denver; as our housing prices are probably 10% to 20% less. Once you are in the report, you can sort by Cost Recovered, Resale Value, and other headings. It’s heaven for a statistic junkie.
Remodeling in Colorado Springs?
If you are thinking about starting a remodeling project in 2010, this is where I would suggest to start. Many sellers and homeowners assume if they spend $20,000 on a project, that it will increase the value of their home by that amount. Totally not correct. I wouldn’t use this report as gospel, but it certainly is a good place to start. I’ve lost count of the times I meet with sellers and they tell me they think their house is worth XXX, because they just spent $30,000 redoing the kitchen. Now, the kitchen remodel may look great, but it doesn’t mean that it’s going to increase the value of the house by $30,000 more.
Top 5
Here’s the top 5 projects to get you the best return on your money in the Denver area:
- Vinyl Siding Replacement (79.9% cost recouped)
- Window Replacement (79.7% cost recouped) (also great for energy savings)
- Wood Deck Addition (79.1% cost recouped)
- Vinyl Window Replacement (78.2% cost recouped) (also great for energy savings)
- Basement Remodel (76.9% cost recouped)
Bottom 5
The 5 projects to get you the least return on your money:
- Garage addition (62.7% )
- Bathroom addition (57.9%)
- Backup Power Generator (54.9%)
- Sunroom Addition (48.8%)
- Home Office Remodel (46.5%)
It’s also interesting to me that 4 out of the top 5 are projects that are visible from the outside of the home reinforcing the idea that curb appeal is everything. Then, when you figure in the current tax credits for energy efficient upgrades (see blog post, Federal Tax credit available for remodeling), some of these items are even more attractive.
If you enjoyed reading this article, why not Kathy (719-287-1049) KTorline@msn.com
