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IMPRESSIVE RATE OF RETURN
WHAT'S THE RETURN ON YOUR HOME IMPROVEMENT INVESTMENT?
If you are in the early stages of thinking about pursuing a remodeling project,
you need to know that remodeling isn’t just something to update your home and
accommodate your needs –it may actually add value to your home.
Remodeling Magazine compiles an annual “Cost vs. Value” report in which
the immediate resale value is assessed for several common projects in regions
throughout the country.
For the New York area, the rate of return ranges from 83 to 103 percent --- signficantly
118 percent higher than the national average.
“We’re in one of the best regions of the country when it comes to rate of return
on major remodeling projects” said Gary Clark, President of Clark Construction
of Ridgefield, Inc., a residential remodeling firm. “Our customers report rates
of return for projects such as kitchens ranging from 100 - 140%.”
We recommend that you contact your realtor to get a reality check on these
numbers for your particular home, neighborhood and situation before using
them as a basis for decision making.
Source of Rate of Return Data:
Remodeling Magazine; 2006 Cost vs. Value Report
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