Home improvement projects are undertaken for a number of reasons. Perhaps you need to replace aging or worn components in your home, such as exterior doors or windows. Sometimes homeowners projects are done to update the look of their home. Other projects are completed to improve the comfort and enjoyment of the home. But homeowners should consider how a project can increase the future value of their home.
Luckily, it doesn't have to be a guessing game. The 2015 Cost. vs. Value Report helps you identify which projects will give you the most bang for your buck when it comes to time to sell your home. This annual research report, conducted by Remodeling magazine, compares changes in job costs with realtors' perceptions of what those jobs bring to a home's price at resale.
Replacement jobs generated a higher return than remodeling project, a trend that's repeated in the Cost vs. Value Report since 2003. Most of the top replacement projects immediately improve curb appeal. These jobs include exterior door replacement, window replacement, and siding projects. In fact, for the Maryland, Virginia, Washington DC region (which fall within the South Atlantic metro area in the report) ranked a steel entry door replacement as the #1 remodeling project for cost recouped at resale.
Other projects in the top 10 include a wood deck addition, window replacement, siding replacement, and garage door replacement. It's also interesting to note which projects appear at the bottom of the list for recouping costs at resale. These include a sunroom addition, bathroom addition, master suite addition, and home office remodel.
So if you're considering a replacement or remodeling project for your home, keep in mind how it will affect the value of your home when the time comes to sell it. Replacement projects such as new windows, doors, and siding will not only improve your resale value, they'll instantly up the curb appeal of your home.