Residential housing is in an extreme sellers’ market right now, and it may have inspired you to think about investing more into your home. One of the best ways to do this is by completing a few renovation projects that update your home and get it ready to sell when the time is right.
Why Should I Do an Exterior Renovation?
When people think of renovating, they often think of interior projects, like kitchen and bathroom remodels, as the ones that bring the most return on investment (ROI). However, exterior renovation projects can also add a lot of value to your home, and they usually cost you a lot less money. They add to the curb appeal of your home, which is extremely important in making a first impression on potential buyers.
So out of all the exterior renovation projects you could do, which one(s) will add the most value to your home? Let’s take a look:
6 Exterior Renovations That Add the Most Value to Your Home
The best way to understand which exterior renovations add the most value is by looking at their recoup rates, which determines how much of the money spent doing renovations is regained upon selling the house. According to Remodeling Magazine’s 2021 National Cost vs. Value Report, here are the six exterior renovations that can currently help you get the most bang for your buck:
01. Garage Door Replacement
Although garage doors aren’t usually the first (or most fun) thing people think of when it comes to exterior renovations, they’re currently the most profitable. With a recoup rate of 93.8%, you’re likely to reclaim almost all of your expenses. Garage doors cover a large portion of the front of your home, so updating them can definitely add some spark to its curb appeal.
02. New Siding
Replacing warped, cracked, or faded siding can do wonders for curb appeal. Depending on which type of siding you choose, fiber-cement or vinyl, the recoup rates have ranged from 68-78% over the past few years. Usually, fiber-cement has been the most profitable due to its thickness and increased durability. However, either choice will get your home back to looking like it was built yesterday.
03. New Windows
Window replacement is a key renovation project due to people’s increased desire for insulation and energy efficiency. Vinyl windows have a current recoup rate of 68.6%, while wood windows have a current recoup rate of 67.4%. Updated windows are a subtle change, but one that potential buyers will definitely notice and appreciate.
04. Add or Update Decking
If your home doesn’t already have a deck or patio, it’s a good idea to add one. If you do have one, but it’s showing signs of wear, it’s a good idea to update it. Decks don’t do much for curb appeal since they’re usually in the back of the house, but they do make an impression on potential buyers looking to spend time relaxing or entertaining outdoors. Wood decks have a current recoup rate of 65.8%, and composite decks follow closely behind at 63.2%.
05. Entry Door Replacement
Your front door makes a strong impression on anyone visiting your home, so it’s a good thing to keep looking updated and stylish. Front doors made of steel have a recoup rate of 65% due to their great durability. Front doors made of fiberglass and wood have a little lower recoup rates around 60%.
06. New Roofing
Roofing is expensive and a bit of a grueling project, but it’s worth it. Depending on whether you use shingles or metal, the recoup rates come in around 56-61%. In past years, those rates have been even higher, reaching up to 73%. If you replace it, potential buyers will be excited knowing they won’t have to worry about it for at least another 20 years.
No matter which exterior renovation project(s) you’re looking to do on your home, Zeeland Lumber & Supply can give you the materials you need to add value to your home. Stop in one of our locations, give us a call, or contact us online today for more information on how we can help.