Can't sell? Many are remodeling homes to feel better

Many homeowners who want to move but feel stuck in their mortgages are turning to remodeling projects for something better.

Some of those improvements hold value better than others, according to a new a report produced by Hanley Wood LLC, in cooperation with Realtor Magazine.

It used to be that homeowners depended on interior projects, such as new cabinets and countertops, to add value to their homes.

But with so many people owing more on their mortgages than their homes are worth, real estate agents say clients are reluctant to dump money into projects that may just make them even more upside down in the mortgages.

Still, people itching for change are replacing flooring, painting and buying new appliances. Many are making improvements themselves.

Some of the quick fixes do nothing more than make their homes more appealing to the homeowners themselves. But some of the changes may make the home easier to sell. With so many homes on the market, standing out can mean a quicker sale.

The smartest improvements are sometimes the least expensive, the report shows. Eight of the projects in the top 10 for recouped costs were exterior replacement projects that cost less than $14,000.

Door and siding replacements and deck additions returned more than 80 percent of project costs when the homes were resold. A steel entry door replacement recouped 129 percent of its cost.

The report, Remodeling Cost vs. Value, compares construction costs with resale values for 33 midrange and upscale remodeling projects in 80 markets across the nation.

Other exterior projects in the top 10 included midrange vinyl and upscale foam-backed vinyl sliding replacements. They returned about 79 of their construction costs. Window replacements - midrange wood vinyl and upscale vinyl - returned more than 76 percent of costs when resold.

Reporter Shannon Behnken can be reached at (813) 259-7804.