According to Remodeling magazine’s 2014 “Cost vs. Value Report,” Realtors continue to rate exterior home improvement projects among the most valuable. In fact, eight of the Top 10 projects nationally that recouped the most value at resale are exterior replacement projects. The prevalence of these types of projects is logical given the importance of curb appeal and the desire to make a good first impression with homebuyers.
Based on interviews with real estate professionals throughout the country, the Remodeling report found that the top project is a steel entry door replacement, which typically recoups 96.6 percent of costs upon resale. In addition to being cost-effective, this project is also consistently among the least expensive to complete. In addition, a wood deck addition, two different siding replacement projects, two garage door replacements and two window replacements were among the exterior improvement projects in the Top 10.
When it came to improvements to a home’s interior, there were two projects ranked in the Top 10. Ranked fourth, adding an attic bedroom can be expected to return 84.3 percent of costs, while a minor kitchen remodel came in seventh with 82.7 percent of costs recouped.
The right remodeling project, when done well, also has the potential to make for a quicker sale and to reduce negotiations with buyers over perceived shortcomings.
