The National Association of Realtors just released The 2008 Cost vs. Value Report.  The Report compares construction costs with resale values for 30 midrange and upscale remodeling projects comprising additions, remodels and replacements in 79 markets across the country and found that exterior remodeling projects return the most money as a percentage of cost.

 The resale value of any given remodeling project depends on a variety of factors; A home’s overall condition, availability and condition of surrounding properties, location, and regional economic climate are all factors that will influence the value of any remodeling project. Not every neighborhood will support additional renovations, that’s why it’s important to consult with professionals like Realtors in your area. Realtors see hundreds of homes every year and can provide valuable insight into what projects and improvements will make a difference with buyers in your area.

Here are some of the highlights from the survey:

•          Wood deck additions and all types of siding replacements returned more than 80 % of project costs

•          All types of window replacements – upscale and midrange– 76 %

•          A major midrange kitchen remodel: 76.0 %

•          A minor midrange kitchen remodel: 79.5 %

•          A midrange bathroom remodel: 74.4 %

•         A midrange attic-to-bedroom conversion: 73.6 %

•        Midrange basement remodel: 72.7 %

•          The regions that generally returned the lowest percentage of costs were New England,  East and West North Central, and Middle Atlantic

 This Week’s Real Estate Insight:

While these renovations will not return 100% of the investment, they often can mean the difference between your house even selling at all, potential buyers “become their own contractors” and go around adding up all the potential costs and subtract that from their offering price.  You might be apprehensive about a major renovation in this economy, but that can work in your favor; you can probably bargain with contractors as  they are feeling it too.  But don’t go just by price, make sure you get good references for contractors

 

 Listen to Sally and Steve here: [47:26m]: Play Now | Play in Popup | Download

This week Steve and I sat down with Lucie Searle from The Providence Preservation Society  to talk about PPS’s upcoming Holiday Festival and Downtown Stroll   Starting with a gala Patrons’ Reception at City Hall: Friday, December 5th from 6 - 9 P.M.,  Providence City Hall is one of the country’s best preserved examples of the Second Empire Baroque style.  This year’s stroll showcases  11 stunning lofts located in six historic buildings that have undergone dramatic restorations.  These private residences will be open to the public from 11A.M. - 4 P.M. on Saturday.

Providence is nationally recognized for having one of the most intact and historically significant, nineteenth century downtowns in the nation.  Over the last several years, the Downtown has seen the conversion of former department stores and commercial buildings into incredible living spaces. Tour goers will experience award winning restorations, stunning architectural details and breathtaking views of the magnificent Providence skyline.

PPS is promoting a Buy Local campaign through its Holiday Festival. Historic Downtown Providence’s local merchants will be open for business throughout the day to give tour goers an opportunity to get some early holiday shopping . Many businesses will have musicians in their stores to entertain the crowds. For more information on local businesses, visit Shop Downcity or Providence Downtown.

We also spoke with George Born, the executive Director at PPS about The Most Endangered Properties List.  The purpose of this list is to generate interest and support for the preservation of significant properties in danger of being lost through arson, vandalism or abandonment, the list serves to educate the public about the benefits of historic preservation and the unique historic properties in our city; and work toward a solution with property owners, developers and other interested parties to bring about positive change in each property.

This Week’s Real Estate Insight:

The rehabilitation and adaptive reuse of Historic structures help to preserve important pieces of our urban history, it is more efficient and environmentally responsible to redevelop older buildings closer to urban cores than it is to build new construction farther away reducing the amount of sprawl.

 

 Listen to Lucie wax eloquently on Preservation here: [47:22m]: Play Now | Play in Popup | Download