Remodeling Magazine has released its 2007 cost versus value report [www.costvsvalue.com].

So where is the value? 

Across all projects, the share of construction costs recovered is down compared with last year, although the rate of decline has slowed. And some parts of the country are doing better than others.

That said, remodeling is still a pretty good investment. Two-thirds of this year's projects return between 65% and 80% at resale. That means homeowners are still paying just 20 cents to 35 cents on the dollar for more space, better space, different space.

At the top of the list is a deck addition.  That means  a 16-by-20-foot deck using pressure-treated joists supported by 4x4 posts anchored to concrete piers, pressure-treated deck boards in a simple linear pattern. Include a built-in bench and planter of the same decking material. Include stairs, assuming three steps to grade. Provide a complete railing system using pressure-treated wood posts, railings, and balusters. A wood deck addition returns 85% of the cost, and now is the perfect time to enjoy it!

A minor kitchen remodel comes in second at an 83% return.  In a functional but dated 200-square-foot kitchen with 30 linear feet of cabinetry and countertops, leave cabinet boxes in place but replace fronts with new raised-panel wood doors and drawers, including new hardware. Replace wall oven and cooktop with new energy-efficient models. Replace laminate countertops; install mid-priced sink and faucet. Repaint trim, add wall covering, and remove and replace resilient flooring.  

For more information on upgrades that will help you sell your home quickly and for top dollar in today's buyer's market, contact Ellie Stafford at ellie@ringtherivers.com.