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Top 5 Most Profitable Home Remodeling Projects
Author: Real Estate Advisor  | Posted: 30-12-2006 | Comments: 0 | Views: 139 | Rating: (59)  (?) 
Home renovation and remodeling projects can enhance the value of a home. However, not all projects provide an adequate return on investment (ROI). Homeowners who are considering a remodeling project should evaluate the project's likely ROI, before undertaking such an effort.
According to a report by the National Association of Realtors (NAR) and Remodeling Magazine, renovation costs are rising high, and on balance, home resellers are getting less money at resale on remodeling costs than in previous years. Homeowners should carefully review this report to identify projects that are likely to yield the highest ROI.
Listed below are the five most profitable of home renovation projects.
1. An upscale siding replacement project brings you the best ROI, with 88% of its average cost of $13,149 recouped at a resale value of $11,573.
2. Second on the list of the most profitable home renovation projects is a midrange siding replacement, which is capable of getting 87.2 % of its average cost of $9,134, at a resale value of $7,963.
3. Third on the list of the most profitable home renovation projects is replacement of wooden windows, which is capable of getting 85.3% of its average cost of $11,040, at a resale value of $9,416.
4. Fourth on the list is a midrange bathroom remodeling project, which is capable of getting 84.9 % of its average cost of $12,918, at a resale value of $10,970.
5. Fifth on the list of the most profitable home renovation projects is vinyl window replacement, which is capable of getting 84.7% of its average cost of $10,160, at a resale value of $8,500.
Homeowners should be aware that remodeling projects and the returns they bring vary from region to region as many factors affect a home's value. Some of these factors include the nature and scope of the project, project costs, supply and demand of homes in the area, etc.
While the cost of home renovations is steadily increasing year-over-year, the return that such renovations can fetch is on the decline. Homeowners would be well served to get the advice of a real estate agent about the potential ROI of remodeling projects under consideration.
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