Exterior Remodeling Offers Largest Return on Investment
March 10, 2014
If you’re looking to do some home improvement this year, we know you have to consider your return on investment! According to the 2014 Remodeling Cost vs. Value report released this month, upgrading the outside of your home with a updated features or a whole new look is going to give you the biggest bang for your buck!
The report, an annual collaboration between Remodeling magazine and REALTOR® Magazine, compares the average cost for 35 popular remodeling projects with the value those projects retain at resale in 101 U.S. cities. It was no surprise to us that 8 of the top 10 most cost-effective projects nationally, in terms of value recouped, are exterior projects.
With a variety of factors to consider such as time, cost, and necessity; deciding what remodeling projects to undertake can be a difficult decision for homeowners. Realtors ten to know what home features are important to buyers in their area, but a home’s curb appeal is ALWAYS critical being that it’s the first impression for potential buyers.
Excited to explore the ROI potential on your home? Here are the top 10 cost-effective improvements from this year’s report:
1. Replace Your Front Door: 97% ROI
2. Add a Deck or Patio: 87% ROI
3. Add Space/Attic Bedroom: 84% ROI
4. Replace Your Garage Door: 83% ROI
5. Remodel Your Kitchen: 82% ROI on a minor remodel; 74% ROI on a major remodel
6. Replace Your Windows: 79% ROI
7. Replace Your Siding: 78% ROI for replace vinyl siding; 87% ROI to replace siding with a fiber-cement mix
8. Basement Remodel: 78% ROI
9. Update Your Bathroom: 73% ROI
10. Two-Story Addition: 72% ROI