Exterior projects most valuable improvements

Now is the time most homeowners think of property improvements. Moreover, most homeowners are looking for the highest rate of return on their investment. According to the 2013 Remodeling Cost vs. Value Report, REALTORS voted exterior projects among the most valuable home improvement ventures.

REALTORS know that curb appeal projects offer great bang for your buck, because a homes exterior is the first thing potential buyers see, says National Association of REALTORS President Gary Thomas. Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale. REALTORS know what home features are important to buyers in your area and can provide helpful insights when considering remodeling projects.

REALTORS identified a steel entry door replacement as the home improvement expected to return the most money. In fact, the rate of return is estimated at 85.6 percent of costs recouped at resale. The article information said a steel entry door replacement is the least expensive project in the report at a cost of $1,100 on average.

Exterior replacement projects typically recoup more than 71 percent of costs. The report states, A majority of the top 10 most cost-effective projects nationally in terms of value recouped are exterior projects.

Siding replacement projects landed in the top 10 and include fiber cement siding (79.3 percent of costs), vinyl siding (72.9 percent of costs), and foam backed vinyl (71.8 percent of costs).

Midrange and upscale garage door replacement both are expected to return more than 75 percent of costs.

Why do you think the exterior is important? When that potential Buyer drives up, the house MUST have what we call curb appeal. That very first image is forever etched in that potential Buyers mind! Therefore, the cover of the book MUST express excitement to the potential Buyer!

Nonetheless, the interior absolutely must make an interesting read. According to the report, two remodeling projects in particular can recoup substantial value at resale. Ranked fifth is a minor kitchen remodel. This remodel expects to return 75.4 percent of costs. The national average cost for a project of this type is just under $19,000.

Number two interior remodeling project, also in the top 10, is the attic bedroom. This project came in at number eight and it tied with a vinyl siding project with 72.9 percent of costs recouped. This project adds a bedroom and bathroom, and has an average cost of just under $48,000. Unbelievably, a home office remodel is estimated to return the least at 44 percent.

Mr. Thomas believes a REALTOR is the very best resource for aiding homeowners in the decision as to what remodeling projects will bring the most upon resale for their local market. Thomas says, Each neighborhood is different, and the desirability and resale value of a particular remodeling project varies depending on where you live. When making a home remodeling decision, resale value is just one factor that homeowners should take into consideration. Consult a Realtor to make sure you are making the best decision.

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Exterior projects most valuable improvements