ROI for Remodeling in 2012
People often refer to home remodeling as one of the best investments you can make. It’s a great way to update your New York home and keep up with growing trends or a growing family. The best part is, you usually get most of it back when you sell your home. The kitchen and the bathroom were always the shining example of this. But in 2010-2011 the trend for remodeling projects with the highest Return On Investment (ROI) have shifted from larger home remodels, to smaller home improvement projects. These projects include new exterior paint, window replacement and door replacement, or garage replacements.
A high ROI an New York homeowner could expect on a kitchen remodel used to be 75-85%. However, according to this year’s Cost vs. Value report that assess home remodeling projects from various regions all around the country, the ROI for a typical kitchen remodel has dropped to 57% for 2011. This is as much as a 30% decrease over the last 5 years. The drop does seem to be bottoming out, which is a sign that the housing market may be as well. But with such a significant drop, it can be easy to understand why your New York home remodeling contractor may be experiencing a decrease in kitchen remodels.
Conversely, contractors may be experiencing more work in the home improvement spectrum. Replacement projects typically outperform remodeling projects