Originally uploaded by thekitchendesigner.org

Thinking about a home improvement project for your Albany home? When home prices are declining, the financial benefits of remodeling are not nearly as apparent as when home prices are high. Are you trying to maximize your investment in order to sell or are you looking to make your home a better place to live?

If your goal is to sell your home, you might want to reconsider spending lots of money on those high end projects and opt for practical, less costly alternatives. When the market is slow, you are less likely to recoup the cost of high end remodels.

If you are planning on staying for the long haul, then by all means make the investment that will maximize your comfort and enjoyment of the home.

According to real estate experts, the exterior of your home becomes a more important asset than the interior when trying to sell your home in a flat market.

When buyers have more to choose from first impressions become vital to the sale of a home. Curb appeal is more important than ever, with high end exterior renovations returning a better payoff than comparable interior projects.

Statistics show that home prices have fallen by an average of 7 percent nationally in the past year. But the value of home owners’ investment in remodeling projects has declined only 3.86 percent on average between 2007 and 2008, according to Remodeling’s 2008–2009 Cost vs. Value Report.

According to the report, on a national level, wood deck additions and all types of siding replacements returned more than 80% of the projects cost upon resale. Window replacements returned more than 76% of costs. A major midrange kitchen remodel returned 76% of costs, while a minor midrange kitchen remodel returned 79.5% of costs. Bathroom remodels returns were down from previous years to around 74.4%.

The Top 10 Home Improvement Paybacks
1. Upscale fiber cement siding (86.7%)
2. Midrange wood deck (81.8%)
3. Midrange vinyl siding (80.7%)
4. Upscale foam-backed vinyl (80.4%)
5. Midrange minor kitchen remodel (79.5%)
6. Upscale vinyl window replacement (79.2%)
7. Midrange wood window replacement (77.7%)
8. Midrange vinyl window replacement (77.2%)
9. Upscale wood window replacement (76.5%
10. Midrange major kitchen remodel (76.0%)

As illustrated in the above list, the home improvements that boost curb appeal offer the best return on investment. In fact, the only interior home improvements that made the top 10 were kitchen remodels.

Remember do your homework and consider your goals when planning a remodel project. Make an informed decision that will benefit your individual situation and maximize the return on your investment!