Owning a home comes with a lot of responsibility. Many times upgrades and improvements are needed. Denver homeowners looking to make the biggest return on their home improvement projects should consider exterior renovations.
The recently released 2013 Remodeling Cost vs. Value Report, reported that Realtors rated exterior projects among the most valuable home improvement projects. National Association of Realtors President Gary Thomas, said "Realtors know that curb appeal projects offer great bang for your buck, because a home's exterior is the first thing potential buyers see.” The report compares construction costs with resale values for 35 midrange and upscale remodeling projects comprising additions, remodels and replacements in 81 markets across the country. Realtors around the country have provided their own personal insights.
Home improvement projects such as window, door, and siding replacement could on average provide more than a 70% return upon the resale of the home. HouseLogic.com, which provides information to consumers on a wide variety of remodeling projects such as kitchen and bath remodels, including the recouped value of the project based on a national average, reported their own recoup value on their website. HouseLogic.com’s Cost vs. Value Report indicates that the number one exterior project projected to provide the largest return is a steel entry door. The project is expected to provide homeowners with an estimated return of 85.6% upon the resale of their home. The good news is the installation of a steel entry door is one of the least expensive projects, on average costing $1,100. Many of the top 10 cost-effective projects on the list are estimated to re-coup homeowners on average more than 71 percent of the cost.
Siding replacement projects rank high on exterior home improvements that provide homeowners a large return. Three different siding projects landed in the top 10 including, fiber cement siding, expected to return 79.3 percent of costs, vinyl siding, expected to return 72.9 percent of costs, and foam backed vinyl, expected to return 71.8 percent of costs.
There are a few indoor project renovations that will also bring Denver homeowners a high return on their investment according to the report. A minor kitchen remodel can recoup a homeowner a 75.4% return upon resale, coming in fifth on the list. The average cost for such project is $19,000.
The second indoor project that made the list and came in 10th was the adding of an attic bedroom. On average a project of this magnitude will cost you $48,000, and is expected to recoup you 44% upon resale.
Are you ready to buy or sell a home in Denver? Contact the Bandy Team to see what we can do for you! We’re happy to answer any questions you may have about metro Denver. We would love to show you some terrific properties in Denver Highlands, homes in Cherry Creek, or real estate in Lowry.
Until Next Time,
The Bandy Team
RE/MAX Professionals- Denver, CO
"From Our Heart to Your Home"