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Forbes’ Best Home Renovations List
Posted By Jim On 07/13/2006 @ 2:35 pm In The Home | 2 Comments
Forbes produced another list of the best home renovations /improvements in terms of their resale value and I thought it would be interesting to compare this list to lists I’ve seen, and blogged about, in the past. With all of these I looked only at the National Average values, since that’s what I’ve always looked at, and tried to pair them up with comparable renovations in past lists . The data they used is from Remodeling magazine’s yearly assessment/survey/magic but one of the lists I used was from a handyman-type site  and not a magazine about remodeling.
Overall, Remodeling Magazine makes it sound like a lot of the renovations you make hold a lot of its material and labor value whereas the handyman site doesn’t paint as rosy of a picture. I’m inclined to believe that Remodeling magazine is at least somewhat biased, knowing nothing about it except that it likely sells advertising space to businesses in the remodeling industry, so I’d mark down their resale values a little bit. From a buyer’s perspective, which I was a year ago, I do know that more bedrooms and bathrooms the better (to a point, I’m only one person… I don’t need 8 bathrooms, I don’t even have 8 friends) but a renovated home office means nothing to me. So again, as I approached the other list, I believe the relative rankings of renovation value retention is likely correct though the actual values are subject to a multitude of factors a simple study can’t capture.
The comparative table is available after the jump. (oh, and if you’re going to replace your windows, you might be able to get a tax credit  for it because of the latest energy bill)
The first % column is from Forbes/Remodeling magazine, the second % is from this site . Also, in my last post about home renovations  there are some interesting comments worth reading, including about how the handyman site’s prices appear to be too low.
|Minor Kitchen Remodel||$14,913||$14,691||98.5%||-|
|Midrange Kitchen Remodel||$43,862||$39,920||91.0%||90%|
|Upscale Kitchen Remodel||$81,552||$69,194||84.8%||90%|
|Midrange Bathroom Remodel||$10,499||$10,727||102.2%||70%|
|Upscale Bathroom Remodel||$26,052||$24,286||93.2%||-|
|Midrange Bathroom Addition||$22,977||$19,850||86.4%||-|
|Upscale Bathroom Addition||$47,212||$40,488||85.8%||-|
|Midscale Siding Replacement||$7,239||$6,914||95.5%||60%|
|Upscale Siding Replacement||$10,393||$10,771||103.6%||60%|
|Family Room Addition||$54,773||$45,458||83.0%||-|
|Home Office Remodel||$13,143||$9,569||72.8%||-|
|Midrange Master Suite Addition||$73,370||$60,460||82.4%||-|
|Upscale Master Suite Addition||$137,891||$110,512||80.1%||-|
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 list of the best home renovations: http://www.forbes.com/realestate/2006/07/11/top-renovation-investments_cx_sc_0712home.html
 comparable renovations in past lists: http://www.bargaineering.com/articles/best-value-home-renovations.html
 handyman-type site: http://doityourself.com/enjoyinghomes/nottorenovate.htm
 get a tax credit: http://www.bargaineering.com/articles/tax-credit-for-energy-saving-home-improvements.html
Thank you for reading!