Remodeling survey report suggests return on investment for kitchen remodels in the Capital District are at highest rates in years.

Troy, NY, April 22, 2009 - We may be experiencing one of the greatest times in recent memory to remodel a kitchen in the greater Capital District region based on the return on your investment. Recent data suggests that the return on your investment may be as high now as it has ever been in recent memory. All we hear in the news today is how bad the housing market and economy is fairing. I agree that both are going through very rough times, but there are some regions of the country that are fairing much better than others. We are lucky enough to live in one of those areas.

The Capital District region is in much better shape than most of the country respective to housing. According to statistics published in January 2009 by the Greater Capital Association of Realtors, housing sales fell 15% in 2008, however the median sales price only fell 1% on average. That is an incredible number for such a “bad” year in housing.

Many people have decided that now is the time to invest in their home as it is a much safer investment than many other options. One of the greatest value creations and largest returns on investment a homeowner can make in regards to their home is improving and renovating their kitchen.

The kitchen is arguably the most valuable room in your home. Up to 18% of a homes value may be derived from the kitchen. We all know it is the family meeting place and gathering spot when we have company visiting our home. As with the housing market in general, the Capital District reaps some incredible benefits in kitchen remodeling as well.

Remodeling Magazine posts an annual Cost vs. Value1 report and the numbers for 2008 are very impressive. In this report, Remodeling Magazine publishes the estimated costs for various home improvement projects for a number of metropolitan areas nationwide. They produce numbers for individual areas, regional sections of the country, and nationwide. The estimates are based on surveys conducted by the magazine from contracting networks across the nation.

The Data on Kitchen Remodels

When you interpret the numbers and especially the return on investment from the 2007 report to the 2008 report, there are some very interesting and strong points for the Albany area. The following numbers are interpreted for the projects listed in a mid-range price category.

In the 2007 Albany city report the data shows the return on your investment for a minor kitchen remodel at 79% and 72.7% return on a major kitchen remodel. This means that for every dollar invested in your remodeling project, $0.79 and $0.727 was estimated immediate return in home value respectively. In 2007 the Mid Atlantic region which includes Albany, the returns were 77% and 71.7% respectively and nationally, 83% and 78.1% respectively. The Albany market had a better return on investment than the mid-Atlantic region as a whole, but a lower return than the nation.

In the 2008 report, the return on investment in the Albany city data market for a minor kitchen remodel is 98%. That is an increase of return on investment of almost 20% from last year. For a major kitchen remodel the latest return on investment figure is 82.8%, or an increase of 10% over last year, according to the report. Regionally the 2008 return on investment numbers are 75% and 70.2%, and nationally 79.5% and 76% respectively. Both the region and the national return on investment figures dropped year over year, while the Albany numbers increased significantly. This data evidences that the Albany market is experiencing a greater return on investment for these improvements than the Mid-Atlantic region and nation.

The definitions of the minor and major kitchen remodeling projects above can be found on the Remodeling Magazine Cost vs Value report at www.costvsvalue.com.

If you are a homeowner who is thinking about renovating your kitchen or other parts of your home in the Capital District region, now is a great time move forward with that work, based on the interpretation of the information in this report. Homeowners can enjoy the increased beauty and efficiency of a new kitchen and feel safe that their investment should garner them a good return in the future.

When you entertain starting new home improvement projects, always be sure to work with a reputable company that carries all the appropriate insurances and can provide references. Unlike many home improvement “do it yourself” projects, a kitchen remodel is best completed with the help of a qualified kitchen remodeling contractor to help you through the multitude of steps, products, and choices. As the Cost vs Value Report illustrates, with so much at stake in terms of the value to your home, this is one project where you don’t want to “go it alone”.

For additional information contact Kepner Kitchens at kitchensolutions@Kepnerdevelopmentgroup.com or by phone at 518-944-1940.

1Cost vs Value Report © 2008 Hanley Wood, LLC. Reproduced by permission. Complete regional and city data from the Remodeling 2008 Cost vs. Value Report can be downloaded for free at www.costvsvalue.com."