Ever wonder what home improvement projects yield the greatest return on investments? According to REMODELING Magazine, nine out of the ten leading investments you can make on your house are exterior home improvements. REMODELING Magazine just released their 33rd annual Cost vs. Value Report and the only interior home improvement that made the list was a minor kitchen remodel. Adding exterior “facelifts” will improve curb appeal and make a great first impression for interested buyers.
The overall cost-to-value ratio stands at 63.7% for the 2020 report. This number will vary from region to region. The annual report for 2020 surveyed about 1,400 full-time real estate professionals about returns for 22 home improvement projects in more than 100 U.S. markets.
Here are the top ten cost vs. value remodeling projects
- Manufactured Stone Veneer
- Garage Door Replacement
- Mid-range Minor Kitchen Remodel
- Fiber-Cement Siding Replacement
- Vinyl Siding Replacement
- Vinyl Window Replacement
- Wood Deck Addition
- Wood Window Replacement
- Steel Entry Door Replacement
- Composite Deck Addition
The national average cost to remodel a manufactured stone veneer is about $9,357 and you would recoup about 95.6% at resale. A garage door replacement costs about $3,695 and would get you back about 94.5% of that at resale. Replacing your siding for fiber-cement siding would cost you about $17,008 but you would recoup about 77.6% of that when it came time to sell.
Majority of the most rewarding home improvements are high curb appeal projects or exterior replacement projects. These will add a newer, fresher look to the outside of your house, attracting potential buyers. Usually people say beauty is on the inside, but when it comes to houses, it seems like beauty must be on the outside too.
To see the rest of the lists’ costs and recoup amounts, take a look at this article from Builder.