When you begin to consider remodeling or home improvements, homeowners should consider the return on investment(ROI) or recouping of their costs. Many updates are preformed simply because the homeowner desires that upgraded kitchen or bathroom. It is important to remember that many, if not most, updates are not great ROI, because they are more for personal reasons rather than a cost vs. value.
“It can be a daunting task to even decide on what home improvement projects to undertake, let alone to physically tackle and complete them,” says National Association of Realtors (NAR) President Chris Polychron. “Realtors know what buyers are looking for during their search, and curb appeal is and always will be important. That explains why Realtors once again rated exterior projects as some of the most attractive and valuable for homeowners.”
Seeing these reports now for many years in a row I have noticed one update that always stands above the rest in terms of cost vs value; the steel entry door. According to Realtors, a new steel entry door returns about 101.8% of its costs upon resale compared to 96.6% last year. For my sellers and marketing the property to future home buyers we always start at the curb first and front entry way next. These areas are two of the most important areas to focus. Why, because first impressions do matter and the entrance to every home being marketed for sale should be warm and inviting. If you cannot afford to replace the front door, then we suggest a good painting and replacing all door hardware for that fresh and clean look.
The good news is the steel entry door is consistently the least expensive project in the report.
Rounding out the top 10 projects in terms of cost recouped:
- Manufactured stone veneer (92.2 percent)
- Garage door replacement – midrange project (88.5 percent)
- Siding replacement with fiber cement (84.3 percent)
- Garage door replacement – upscale project (82.5 percent)
- Vinyl siding replacement (80.7 percent)
- Wood deck addition (80.5 percent)
- Minor kitchen remodel (79.3 percent)
- Wood window replacement (78.8 percent)
- Foam-backed vinyl siding replacement (77.6 percent)
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