Tackling home improvement projects can be a great way to increase property value and boost your home’s curb appeal. Not only do you get to enjoy the home upgrades for yourself, but when it comes time to sell, you also could get an excellent return on investment.
Before you start making big changes to your home, it’s important to know that certain home improvement projects pay off better than others. It’s not necessarily about choosing the projects with the biggest price tags either - often, your resale value can be increased with simple, smart changes.
Many homeowners assume that building a dream kitchen or a master bedroom retreat is the best use of their money. They end up pouring thousands of dollars into new countertops, interior doors, cabinet fronts, and appliances, only to later learn that they won’t be getting much of that money back in the resale.
Instead, the data shows that exterior renovations tend to offer considerably more investment value. So, if you’re wondering how to increase home value, upgrade curb appeal, and get the best bang for your buck, exterior renovations are the way to go. But what are the best home renovations for resale value? Are there certain exterior upgrades that are a smarter investment than others? As it turns out, there are a few projects you can plan that can end up being the best choice you could make for your home now and in the future alike.
The Best Exterior Home Renovations for Getting the Biggest Bang for Your Buck
According to Remodeling Magazine’s 2020 Cost vs. Value Report, nine of the top 10remodeling projects with the highest value retention focus on the exterior of your home. So while it might be tempting to start with interior renovation projects, you might actually want to step outside and consider exterior upgrades for the best return on investment (ROI).
We’ve created a list that breaks down the best exterior upgrades for your home, starting with the highest ROI and working our way down. With these project options in hand, you can’t go wrong. Your home will have a fresh look - and hopefully, a higher resale value - in no time.
1. Replacing old siding with manufactured stone veneer.
If you feel like you’ve been seeing stone veneer adding to the exterior of many homes in your area, that’s no surprise.Not only has stone always been a timeless exterior element, but it’s also become particularly popular in the last several years. Stone can be a wonderful way to add texture and interest to your home’s exterior. And as an added perk, in terms of return on investment, it’s the upgrade that can’t be beaten.
RemodelingMagazine puts the average cost of adding manufactured stone veneer to a home exterior at about $9,300. Compared to other commonly-completed renovations, that price tag is relatively affordable. Where it really excels is resale: when buyers are looking at your home, a stone veneer is a high-impact addition to the exterior. It has an impressive 95.6% return on your investment, adding about $8,900 to your home’s resale value.
2. Upgrading your garage door, including replacing the tracks.
In terms of expense, garage door replacement is fairly affordable(averaging around $3,700). And once you discover that you’ll recoup about 94.5% of that cost when you sell your home, it only makes sense to put this exterior upgrade at the top of your list.
Of course, modern garage doors come in a broad range of styles and quality levels. So, choosing something that will please future buyers while also providing solid performance and durability is key.Ideally, look for a replacement option that comes with both product and workmanship warranties, so you can be confident that it will last a long time.
Keep in mind that you don’t necessarily have to buy a new motor for the garage door. RemodelingMagazine assessed the ROI for door and track replacement - so if the motor still functions properly, save yourself some money and reuse it.
3. Replacing vinyl siding for a fresh look and better durability.
Hoping for a dramatic exterior makeover that will absolutely be worth the cost? Vinyl siding replacement pays off in more ways than one, delivering an incredible aesthetic upgrade while also increasing home values. Plus, an experienced and skilled professional installer can offer the option of additional insulation, maximizing energy efficiency and lowering your energy bills.
Naturally, the cost of vinyl siding replacement varies widely, depending on the size of your home, the vinyl product you select, and other factors. But whatever the final cost ends up being, you can have the peace of mind of knowing that you’ve made a wise investment that will later raise your home’s sale price. You can expect to recover nearly 75% of your investment, making this project one of the top five best renovation values in the valuation report.
4. Getting new, high-quality vinyl windows
Experienced homeowners know that window replacement can be an expensive project, especially for larger homes. However, if you’re able to take on that cost, it pays off on a few different levels.
In terms of resale, new windows are a major boost. In fact, you’ll recoup about72.3% of the total cost. When you compare that to an interior renovation, like an expensive master suite addition and the much lower 51% return it offers, the data is certainly convincing. But you don’t have to wait until you’re selling your home to enjoy new windows - energy efficiency and everyday comfort will improve noticeably immediately after installation.
5. Adding a deck to your outdoor space.
Last (but not least) on our list of the best home improvement projects is the addition of a deck. Enhancing your outdoor space is a smart move for homeowners, especially those who expect to transition to home sellers in the near future. Today’s homebuyers are expecting more and more in an outdoor living space, especially as we all look for new ways to enjoy our time at home.
RemodelingMagazine used an average deck size of 16 x 20 feet, with 4 x 4-inch posts and well-built stairs, railings, and balusters as their data model. When built and installed correctly, a new deck retains its value surprisingly well. You’re looking at a solid 72% return on investment, with even better value possible for premium decks and upgraded materials (such as wood composite).
Upgrade Your Home’s Exterior with the Quality Craftsmanship of Kline Home Exteriors
For more than 25 years, KlineHome Exteriors has been one of the leading exterior remodelers inOhio. We’ve worked with countless homeowners who wanted to improve their exterior with upgrades that combined form and function, providing plenty of curb appeal but also coming through in terms of value. Our goal has always been to maintain the highest standard of excellence and integrity in our work, delivering exceptional-quality craftsmanship for upgrades that will truly stand the test of time.
Kline Home Exteriors wants you to love your project results now and ten years from now, whether you stay in the home for years or end up reselling. Trust your home to our team and make the most of your next home renovation project.
Get more information about which exterior improvements increase your home value the most by contacting Kline HomeExteriors or requesting your free quote today.