WASHINGTON – Jan. 30, 2013 – Homeowners looking for the most return on their investment when remodeling should consider exterior replacement projects. According to the 2013 Remodeling Cost vs. Value Report, Realtors® rated exterior projects among the most valuable home improvement projects.
“Realtors know that curb appeal projects offer great bang for your buck, because a home’s exterior is the first thing potential buyers see,” says National Association of Realtors (NAR) President Gary Thomas. “Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale.”
According to the Cost vs. Value Report, Realtors judged a steel entry door replacement as the project expected to return the most money, with an estimated 85.6 percent of costs recouped upon resale. A steel entry door replacement is also the least expensive project in the report, costing little more than $1,100 on average.
A majority of the top 10 cost-effective projects nationally are exterior replacement projects; all are estimated to recoup more than 71 percent of costs.
Three different siding replacement projects landed in the top 10, including fiber cement siding (expected to return 79.3 percent of costs), vinyl siding (72.9 percent) and foam backed vinyl (71.8 percent). Two additional door replacements were also among the top exterior replacement projects. A midrange and upscale garage door replacement were both expected to return more than 75 percent of costs.
According to the report, two interior remodeling projects, however, could also recoup substantial value at resale. A minor kitchen remodel is ranked fifth and expected to return 75.4 percent of costs. Nationally, the project’s average cost is just under $19,000.
The second interior remodeling project in the top 10 is the attic bedroom, with 72.9 percent of costs recouped. With an average national cost of just under $48,000, the attic project adds a bedroom and bathroom within a home’s existing footprint.
On the other side of the value spectrum, the least effective home improvement project is a home office, which would recoup less than 44 percent of the installation cost.
To read the full project descriptions and access national and regional project data, visit www.costvsvalue.com
© 2013 Florida Realtors®
Reprinted with permission. Florida Realtors®. All rights reserved.