Each year, Remodeling magazine produces a Cost vs. Value Report in cooperation with REALTOR® magazine. This report indicates what homeowners can expect to recoup for 30 different home improvements, with the national average being 67.3% return on investment. Many homeowners are 
surprised to discover that their remodeling project may not provide a dollar for dollar return on investment; however, a minor kitchen remodel in some areas, such as Seattle, may return more than 100%.
Unfortunately, the Chicagoland area was named as one of the toughest areas to get your money back, so it's very important to plan your home improvement projects carefully to get the most bang for your buck. Replacement projects that enhance your curb appeal, such as decks, siding and windows apparently offer the greatest return on investment. On the interior of your home, you'll find that remodeling your kitchen will offer you the best chance of recouping your money, offering you an average of 73.9% return on your investment, while remodeling your basement will only return an average of 61.9%. Free city reports and national averages for 2008 are available at www.costvsvalue.com so make sure you check them out.
Investing in improving and maintaining your largest asset is, in my opinion, a good idea in any market. Not only will you make your home more enjoyable for yourself and your family, but you will increase its value and make your home more appealing to potential future buyers as well.
If you are considering remodeling your home, I highly suggest that your first call be to a real estate professional who is thoroughly familiar with your neighborhood. You don't want to over-improve or under-improve your home and must consider the current market value and updates of similar homes in your neighborhood. It is actually possible that your remodel could lower the value of your home or turn off potential buyers, and you certainly don't want to do that!
Hi Kelly! With so many folks opting to stay in their present home rather than selling right now, we're seeing alot of remodeling in our area. These tips are great for the consumer to know just what items/rooms bring the biggest bang for the buck!
Always good to know this, will you update when the 2008 is ready?
Kelly - Good recommendation. I am amazed at how many people try to get 100% from their renovations and had no idea that they over-improved their home for the neighborhood. I wish more people would consult with a Realtor before creating an overhaul project!
I'm ready to add a few things to our home...just have to find more time to do it...but we gradually add things as we go a long.
DEBE: I agree. Why not make your current home more enjoyable to live in now? It will also benefit you when it's time to move.
MISSY: The link works now, and I would imagine that it will be updated very soon with the 2008 numbers. My information is from the 2008 report in this Dec. 2008 REALTOR(r) magazine.
CAROL: Or they make totally wrong choices for resale. Like putting an extremely contemporary kitchen in an otherwise very traditional house. Ouch.
NEAL: We've had to do several replacement updates, but those can pay off as well! Windows, sliding doors, furnace and air conditioner...I hope your updates are of the more fun variety!
What a fun picture you found Kelly. It went great with this post-awesome informationo!
TAMI: Thank you! Have a wonderful day!
Hi Kelly ~ Debe was right, this post is very appropriate considering a lot of home owners are deciding to stay in their home for a while and remodel instead of moving. Great information you have provided for the consumer to consider!
Kelly, people ask me this question all the time... Thanks!
TERRIE: I agree, many will make do with what they have until the market turns around.
JUDY: You're very welcome! :)