Chitownproperty

CNN is reporting this year’s list of most profitable home renovation projects. The top two, outdoor siding replacements, may not have much relevance for Chicago buyers in the condo market, but it’s a good option for those with single-family homes. Siding replacements recouped an average of 87-88% of their cost. Window replacements and bathroom remodeling also scored high, rounding out the top five.

The bad news however, is that remodeling costs jumped in 2006 while the amount such jobs added to resale value remained the same. The average kitchen remodel jumped almost 20% this year while returning 80% of that cost. Part of this disparity has to do with the overall decline in housing prices as of late. The trend emphasizes the important point that remodeling jobs should be thought of less as money makers and more as projects done for your own enjoyment, while you still own the home.