Remodel That 1960s-Era Colonial
Prices for lumber, cement-and even contractors-have fallen sharply
Faux pas? Even this year's best-bang remodeling project-replacing exterior siding with faux-wood panels made of fiber-cement-yields only an 88 percent payback, according to an annual survey by Remodeling. That said, the relative price of the more durable fiber-cement siding has fallen dramatically in recent years compared with that of vinyl and wood. And with a total cost of only about $13,000 for an average-size house, "it's a smart thing to do if you want to make a good first impression when a buyer drives up," says Jim Cory, editor of Remodeling's sister publication, Replacement Contractor.
Not that such calculations played into Roy Greene's reasoning for redoing the wood siding on his house in San Antonio. "My wife had been bugging me to repaint it, so I said, 'OK, uh, let's just have it replaced,'" says the retired Air Force colonel, who also appreciates the added benefit of better insulation. "So I'm lowering my heating bill, too."
Of course, there's another possibility for those trying to figure out how to get the most house for their money. "You can move," says Dan Fritschen, whose family's travails in deciding whether to remodel prompted him to create a sophisticated online calculator to weigh the competing options: remodelormove.com.
Indeed, after plugging in the costs of moving versus redoing their house to fit a growing family, Earle Chapman and his wife decided to punt on the major remodel they'd first planned. Instead of taking out a home equity loan and spending $60,000 or more on a second story, "we just dressed up a sow's ear and made it presentable for sale," he says of their decision to move to a bigger house.
Talk about a smart money move.
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