|
On pace to spend $128 billion in remodeling |
|
|
Homeowners are on pace to spend $128 billion this year in remodeling...
up from $116 billion last year, according to the National Association of Home Builders (NAHB). However, the return on investment has been decreasing. The percentage of costs recouped at resale was approximately 64 percent last year compared with 67 percent in 2008. Based on that, experts advise against major remodeling for homeowners who plan to sell within a year as they are not likely to recoup the expenses of the remodel.
Homeowners planning to remain in their homes for the long term may want to consider adding energy-efficient windows, roofing, and doors as these enhancements recover a large percentage of their outlay. For example, energy-efficient steel entry doors can return more than 100 percent of their average $1,172 cost by helping to reduce energy use.
|
