The most cost-effective home improvement projects are exterior. Curb appeal is one of the most important aspects of a home at resale time. Many times, the least expensive improvements for a home provide the most value to your property.
It's smart for homeowners to work with a REALTOR® through the remodeling and improvement process. A REALTOR® can provide insight into projects that will recoup the most value when the owners are ready to sell.
Nationally, in terms of value recouped, exterior replacement projects (such as steel entry door replacement) remained the project that returned the most money. It is also the only project in this year expected to return more than the cost. The garage door replacements are expected to recoup a large percentage of the cost.
Curb appeal is king-it's the first thing potential buyers notice when looking for a home and it shows a pride of ownership.
Replacement projects usually outperform remodel or addition projects in resale value because they are among the least expensive and contribute to curb appeal. Siding and window replacement projects were expected to return more than 70% of cost.
Another exterior project is a wood deck addition and is the fourth most profitable project, recouping an estimated 72% of cost.
The top interior projects for resale value include an attic bedroom or a basement remodel. Both add living space without adding to the footprint of the house. Both of these projects can recoup an average of 70% of the cost.
Remember that the resale value of a particular improvement project depends on the home's overall condition, availability and condition of surrounding properties, location and the regional economic climate. That's why it is imperative to work with a REALTOR® that can provide guidance into local market conditions whether you're buying, selling or improving your home.
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