When it comes to remodeling your home, exterior replacement projects continue to offer homeowners the biggest bang for their buck. That’s according to this year’s Cost vs. Value Report, which compares construction costs with resale value for 35 remodeling projects in 100 markets across the country.
REALTORS® rated exterior projects, such as entry door, siding and window replacements, among the projects expected to recoup the most upon resale. These types of projects are essential to home maintenance and generally inexpensive. The added bonus is they enhance curb appeal, which is crucial to attracting buyers.
The report also estimated the national average cost-value ratio (resale value as a percentage of construction cost) at 66.1 percent, a jump of 5.5 points over last year and the largest increase since 2005. For the second consecutive year, the value of remodeling has increased for all projects in the survey.
Every market is different, and the desirability and resale value of a particular remodeling project varies. Ask a REALTOR® about what improvement projects provide the most value upon resale. Talk to sellers to see if they took on any remodeling projects before listing their home.