Maine Real Estate | Cost vs Value 2008 Remodeling Report
Maine Home Connection
Home Home About Us About Us Contact Us Contact Us
Buyers Sellers Stats Maine Blog Properties
Explore Communities
Search All Properties
Weekly Open House
Local Lifestyle Videos
Your Home's Value
Waterfront Real Estate
Relocation Services
Featured Listings
Home Finance & Mortgage
Retirement in Maine
Real Estate Investing
Featured Properties
Enter a keyword to search the site

Features & Services
Your Home's Value
My Home's Value:
Receive a Report of  Your Home's Value 
New ConstructionGreen Homes: 
Guidelines, Builders, Green Homes
Your Homes ValueMarket Insights:
Current Home Sales Reports & Statistics 
Sold PropertiesSold Data:
View All Recent Home Sales History
Left-MarketingHome Marketing:
Maximum Exposure© Home Marketing 
...Manage Your Account
Existing Users:
Login with your email address only
Existing UsersNew Users: 
Simple signup to view   all Maine properties.
Contact Us
Contact Us:  
Call or email us with your questions.
Newsletter Signup

Maine Real Estate News and Notes

Cost vs Value for Home Remodeling - 2008   


Despite home price drops in many cities across the country, remodeling projects are holding their own as a way for owners to add or preserve value.

We all know that when we make improvements to our homes, we don't typically get 100% of our investment back when we move. And certainly, we make improvements to our homes for more reasons than just the return on investment. We do it to enjoy the time we spend in our home, to keep it up to date with current trends, and to personalize it to our individual tastes. 

But knowing the value of a particular project can help you properly plan and budget. Otherwise, a project stands to drain your wallet both now, and down the road at resale time.

2008 Cost vs Value ReportEach year, the National Association of Realtors (NAR), in conjuction with Remodeling Magazine, publishes a Remodeling Cost vs. Value report - and the 2008 results were recently released. The report documents the average cost associated with a variety of home improvements, as well as the average increase in value that improvement has on a typical home, in different areas of the U.S.

Recouped Value less than 100% 

The survey, conducted during the summer of 2008, revealed that home owners could expect to recoup a national average of 67.3% of their investment in 30 different home improvement projects. At the height of the housing boom in 2005, home owners could expect to recoup a national average of 86.7% on projects. 

Said another way, while statistics point to an average home decline of 7% nationally in the past year, the value of home owners’ investment in remodeling projects has declined only 3.86%between 2007 and 2008.

Remodeling Cost vs Value 2008Best Projects 

As in previous years, exterior remodeling projects lead the way for recovery on dollars spent. When you compare the national averages, replacement projects that boost curb appeal - siding, windows, and decks - give you the greatest chance of recouping your money.

Inside, only kitchen remodels can compare, at least on a national level.

On a regional level (New England) the leading projects and their returns were:

· Fiber Cement siding (86.7%)
· Wood Deck (81.8%)
· Vinyl Siding (80.7%).

The only projects that showed an improved return over 2007 results were upscale bathroom remodels and exterior siding projects.  For complete details on regional remodeling results visit New England Cost vs Value.

With few exceptions, the percentage of cost recouped on upscale additions and remodels was generally lower than midrange additions and remodels. This stands to reason as many upscale remodels are not undertaken using an investment return mentality - but rather for the enjoyment of one's home.

So, if you plan on staying put and living in your home for many years, forget the report and do whatever makes you feel most at home!




Understanding the Market

Getting accurate information about the latest market trends is critial to making a good decision about Maine real estate.  Access the latest sales statistics on our site.  Follow the link below:

Get the Latest Sale Info


Helping You Move

Digital Relocation GuideVisit Portland
Search for HomesExplore Maine

Access any of the feature above to make your move to a new home easier and more rewarding.

Customize Your Search

Our home search is extremely easy to use and features the most up to date technology.  Select your price range, location, waterfront type and home style. 

Receive email updates of all matching properties. You will have access to all properties for sale in the Maine MLS. 


Buying Your Home Heart and Mind Buyer Agency
Exclusive Services Agency Relationships Title Insurance
Home Buying Process Advice and Strategy
Affect of the Economy Determining A Price First Time Buyers Viewing Homes Second Homes Home Search Strategy Waterfront Real Estate
Common Forms
Selling Your Home Your Home's Value Home Marketing
Digital Photography High Definition Video Property Storyboard Virtual Staging Internet Marketing
Pricing Factors Advice and Strategy
Counteroffers Establishing a Price Listing Agreements Feng Shui Principles Considering Repairs Value of Improvement Choosing A Realtor Common Mistakes
Home Selling Process
Maine Maine History Maine Geography Maine Economy Maine Demographics Maine Education Maine Climate Maine Beaches
Maine Real Estate Blog
Search for Properties Virtual Home Buying Hyper Local Search
Maine Communities Portland South Portland Scarborough Falmouth Cape Elizabeth Cumberland Yarmouth Old Orchard Beach Freeport Harpswell
Search For Homes Maine Map Search Detailed Property Search Search By Address Search By MLS Number
Open House
Local Lifestyle Videos
Home Valuation
Waterfront Real Estate Coastal Maine
Maine Coastal Properties
Maine Lakes
Maine Lake Properties
Maine Rivers Casco Bay Islands Waterfront - FAQ's
Relocation Services Relocation Package Maine Counties Quality of Life Education and Schools Art and Culture Property Tax Rates Common Relocation FAQs Moving Long Distance
Mortgage Center Mortgage Types Credit Scoring Fee & Closing Costs Mortgage FAQs
Retirement in Maine Retirement Planning Retirement Communities Changing Demographics
Real Estate Investing Vacation Homes 1031 Tax Exchanges Condos and Townhomes Remodeling: Cost vs Value