While new-home construction is still in the doldrums, there is evidence that remodeling has hit bottom and is poised for an upswing in the coming year. But remodeling activity is mainly a local phenomenon, and although the overall remodeling market responds to global and national economic trends, some markets are likely to rebound faster than others. The question is, which ones? Our Top 100 Markets list provides the first real answer.

If you own a home, you know that you need to figure home insurance rates into your monthly budget. A friend of mine, who had been renting, decided her bills would not change that much when she bought a home. She figured that she could easily afford a $900 mortgage and tax bill instead of an $850 rental bill. However, she failed to take a $150 homeowners insurance premium into account, and her budget was strained.

Remodeling projects inside and outside the home can bring a good return on your investment while adding curb appeal for selling your house.

Even though housing prices nationwide have dropped over the last year, homeowners continued to improve their investments. Whether you’re considering remodeling to lend curb appeal or to make your homes more comfortable to live in now, there are projects that bring a solid return on your investment.

The National Association of Realtors (NAR) reported a seven percent overall drop in home prices in the last year. But Remodeling Magazine’s 2008-2009 Cost vs. Value Report shows that moderate upgrades and maintenance-related home improvements continue to pay returns. Recovering your investment often depends on your location, and payoffs are simply slower to recoup than in recent years when the market was booming.

Top Remodeling Projects in 2008
Homeowners want to know how much of the money they invest in remodeling will show up in the total housing price when they sell. In 2008, the greatest paybacks came from outdoor, curb-appeal projects such as new decks, replacement windows, and siding. For inside jobs, kitchen remodels reported the greatest returns nationwide in increased valuation, according to the NAR. Here are the winning projects:

1. Fiber cement siding (upscale) brought an 86.7 percent return on investment (ROI)
2. New wooden decks (using mid-range materials) brought back 81.8 percent
3. New vinyl siding (using mid-range materials) returned 80.7 percent on investment
4. Foam-backed vinyl (using upscale materials) held an 80.4 percent ROI
5. A minor kitchen remodel (using mid-range materials) delivered 79.5 percent returns
6. Vinyl window replacements (using upscale windows) had an ROI of 79.2 percent
7. Wood window replacements (mid-range materials) brought back 77.7 percent
8. Vinyl window replacements (using mid-range windows) had an ROI of 77.2 percent
9. Wood window replacements (upscale materials) had a 76.5 percent return
10. Major kitchen remodeling projects (using mid-range materials) had a 76.0 percent ROI

Keep Up with the Joneses
In deciding on improvements, you should evaluate what your neighbors are doing. If you’re in a subdivision that was built in the 1980s, for example, it pays to see if your neighbors have upgraded their kitchens or baths, have built improvements outside for curb appeal, and so on. That’s what you’ll be up against if you decide to sell.

Much of ROI has to do with your region. For instance, a remodeled basement might bring an ROI of 92.7 in California, while in New England you might be lucky to draw as large a return as 61.9 percent. In the Northeast, improvements that increase energy efficiency do better than they do in the Southwest.

Here are some easy-to-complete improvements which can also increase curb appeal:

• Clean up the yard, front and back, removing trash, clutter, and overgrowth
• Paint the exterior
• Wash windows and skylights and replace burned-out lighting fixtures
• Reface kitchen cabinets and re-paint the kitchen
• Finish floors and shampoo carpeting

You just might accomplish immediate gains by employing elbow grease and a few hours as opposed to spending a fortune.

Stained glass windows are not only for churches. The most common residential application of stained glass windows is in the entryways of homes. Stained glass window panels in a door, or on transom sidelights, beautify a front entrance, admitting light without compromising privacy.

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How would you like to be able to control one or more light fixtures from three or more switch locations? It is done with a 4-way switch. This video will show you how to install a four way switch in your home.

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From the wacky to the practical, renting instead of buying can save you serious money, as well as benefit the environment.

1. Tools
In these tough economic times many people are looking for ways to shave expenses off their budgets. One tried-and-true method is to rent instead of buy. Environmentalists have long pointed out that we can also significantly reduce our impact on the planet if we borrow the things we only need occasionally. 

16 more things…

A home’s value can be increased with well-thought out kitchen and bathroom renovation projects that improve not only the appearance, but also the function of the two busiest rooms in the house. In many cases, the bathroom and kitchen may be connected and certain remodeling jobs in one room are going to affect the other room in some way.

When the two rooms do join, floors are typically the same material and design. Since both rooms have the same slip hazards as well as the potential for laying water, having the same floor type can help eliminate the hazards in both rooms. Different bathroom or kitchen designs may be desired to visually separate the rooms during kitchen and bathroom remodeling, but having the same material may be a good thing.

Wall colors of the two rooms should complement each other as opposed to being a stark contrast, but if the rooms are totally divided, opposing colors can be used if desired. Using the same contractor for kitchen and bathroom remodeling can possibly save money since one person will be buying the materials for both jobs and can possibly get a reduced overall price on fixtures.

Mechanical Upgrades Done At Same Time

By using the same contractor for plumbing and electrical work on kitchen and bathroom remodeling jobs, can definitely reduce the cost as they can run wiring and plumbing work for both rooms at the same time. If done with two different people, you will be charged double for the same work.

Coordinating countertops and wall coverings can also help coordinate your home renovation when kitchen and bathroom fitting projects are done at the same time. Additionally, both rooms will be torn up about the same amount of time instead of having each room in disarray at different times. Although the bathroom is usually the smallest room in the house, coordinating it to your kitchen can add to the value of your home.

When planning your kitchen and bathroom remodeling always consider the possibility that at some time in the future, you may want to sell the house and the project needs to add value and not detract from it. Odd color tile or countertops may be within your tastes, which are fine as long as you own the house, but think about what potential buyers may think of your choices in the future. If, during your kitchen and bathroom remodeling projects you stick to the basics, you will not go wrong.