Small-scale renovation projects continue to provide the best return for homeowners

Posted: Wednesday, February 22, 2012 6:00 pm

(ARA) - Even as spring approaches, the residential real estate market continues to be rough on American homeowners more than three years after the start of the nationwide housing crisis. Although sales of existing homes are up slightly from 2010 levels, the median home price is still down throughout most of the country, according to the National Association of Realtors. This means that many homeowners are continuing to sit tight and are looking for ways to make their current houses work for them just a little bit longer, until the real estate market improves.

But even when it comes to home renovations, it is important to be smart about how you spend your money, as the value of many large-scale home improvement projects is also questionable in today's economy. Homeowners who made improvements in 2011 picked up only 58 cents in home equity on their remodeling dollar (on average), according to the Cost versus Value report released by Remodeling Magazine. Compared to figures in 2005, when home improvement projects provided a 76 percent cost return, the current data is hardly a motivator to proceed with that long-dreamed total kitchen renovation.

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Posted in Real estate on Wednesday, February 22, 2012 6:00 pm.

Small-scale renovation projects continue to provide the best return for homeowners