Central Ohio Real Estate Market News

Well, the 2006 Cost vs Value report has just been issued. This study tracks the payback of common remodeling projects that homeowners often do to either increase the value of their home or to increase their own enjoyment of the home. Naturally, some projects offer a better ROI by increasing the value of the home, but none of the projects gave a 100% return … they seldom do.

My own advice to clients is to plant evergreens soon after they move in as I believe that professionally designed landscaping offers the best payback!

 The study is done nationally by Remodeling Magazine with certain aspects of the study commissioned by Realtor.org, the magazine published by the National Association of Realtors. The report includes national and regional data, with some projects broken down for major cities. Each project to be evaluated was given specific criteria as to the size and materials to be used for the project for an apples-to-apples comparison. To see details on the background and criteria, you can view the Cost vs Value report on Remodeling Magazine’s web site. For the Columbus, Ohio area, the findings for the various projects were as follows:

• Minor kitchen remodel - Cost $17,667, Resale value $15,314, 86.7% payback
• Bath remodel - Cost $12,623, Resale value $9,103, 72.1% payback
• Basement remodel - Cost $54,683, Resale value $32,750, 59.9% payback
• Home office remodel - Cost $19,903, Resale value $10,593, 53.2% payback
• Sunroom addition - Cost $48,164, Resale value $25,423, 52.8% payback

Additionally there were other projects that included additions, remodels or replacements (like roof, siding, windows) that were also calculated by regions of the country. If you view the Cost vs Value report, you’ll be able to click on a specific section of the U.S. to see the data for your area.One important notation in Realtor® magazine, is that the payback on various projects is a little less than in past years simply due to higher labor/materials cost increasing the job’s cost but with a softened of the housing market reducing the price of the home.

But if the project is important to your enjoyment of the home while you live there … then “GO FOR IT”!

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