St Louis Loan and Refinancing: Home Improvement Returns Low

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St Louis Finance and Mortgage Broker News: Home Improvements and Remodeling No Longer Pays
St Louis Home Mortgage and Commercial Loans | Principal Loan Reduction
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 According to Remodeling magazine's 2010 Remodeling Cost versus Value survey, done in partnership with the National Association of Realtors (NAR), renovations returned a lower percentage of its costs in added home value this year than it did in 2009.

In general, anyone planning home improvements will pay a lot more for the job than they will get

back in return when they sell.

The cost vs. value equation has been getting less attractive for years, but 2010 has seen a particular decline in the percentage of home improvement costs recouped.

Only 60 percent of remodeling costs in 2010 would be recouped by homeowners, the report said.

Exterior improvements mostly performed better than interior ones, owing to the necessity of maintaining a home's "curb appeal."

On the average remodeling job, homeowners recouped 16 percent less value than they had in 2009, the steepest slide the survey has recorded in its nine-year history.

This happened despite the fact that construction costs declined for the first time since 2004.

Adding a new mid-range bath, for example, returned nearly 100 percent of its approximately $15,000 cost back in 2003.

Today, the same job costs more than $40,000 and only returns about half its cost.

The lowest return of any job was for a mid-range home office renovation, which cost an average of $28,888 and added $13,235, just 45.8 percent.

Low cost exterior improvements do well. An exterior steel door replacement return 102 percent of its $1,218 cost and new garage doors recoup 84 percent of theirs.

Two jobs tied for the best return on any mid-range remodeling investment costing more than $10,000.

Adding a wood deck or doing a minor kitchen remodeling, which involves replacing cabinet doors and counters, buying new appliances, sinks and faucets and repainting walls and trim both recouped 72.8 percent of their costs.

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