The Top 5 Home Exterior Projects That Add Real Value
As homeowners, we complete home exterior projects for a variety of reasons. There are times we need to replace worn-out materials or surfaces, or we are hoping to improve energy efficiency. Overall, we expect improved functionality and livability. Many of these home improvements provide no additional value to our home. Nonetheless, if you take a little time to educate yourself, you will find some will, almost paying for themselves.
The recent Remodeling Impact Report, jointly published by the National Association of the Remodeling Industry and the National Association of Realtors, ranks those home exterior improvements that will add real value. The top 5 include:
- New Roofing — a job cost estimated at $7,600 adds $8,000 of value or a 105 percent return on investment,
- New Vinyl Windows — an estimated job cost of $15,000 adds $12,000 or an 80 percent return,
- New Garage Door — an estimated $2,300 cost increases value by $2,000 or an 87 percent return,
- New Vinyl Siding — a job estimated at $12,000 adds $10,000 in value or an 83 percent return, and
- New Wood Windows — an estimated job cost of $26,000 adds $15,000 or a 58 percent cost-to-value ratio.
Why do these home exterior improvements add value at resale? The report shows that these projects are the ones home buyers most desire. In a competitive market, many buyers are seeking homes that are up to date and free of maintenance issues. We also want to consider the fact each of the top 5 projects will add to a home’s curb appeal, the attractiveness of a home’s exterior, which is a buyer’s first impression of a home’s value.
If you would like to talk more about home exterior projects, or need more information, please contact us.