4 Exterior Renovations That Increase Your Home's Value
Monday, April 29, 2019
By Zoe EisenbergIf you're considering selling your home, you're likely looking into improvements that bring the highest return on your investment. Should you revamp the kitchen or the bathroom? Finally finish the flooring in the basement? According to a new study from the Appraisal Institute, the home improvement that offers the greatest bump in home value is actually the exterior.
"The latest research shows that home renovations focused on the exterior of a property are most likely to generate a positive cost-to-value ratio," says Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. "However, not all home improvement projects offer a full return on investment – cost doesn't necessarily equal value."
According to Remodeling magazine's most recent Cost vs. Value report, the projects with the highest expected return on investment are:
Garage door replacements. Garage door looking shabby? If a simple paint job won't do, consider a new door altogether.
Manufactured stone veneer and siding replacement. You can completely change the look of your home by replacing the siding.
Deck additions. The addition of a deck is one of the few additions that bring immediate returns, as opposed to adding another block of indoor living space, which is much more costly and may not appeal to every buyer.
Entry door replacements. The entry door is one of the first things people see when they approach your home, and with that in mind, its relatively inexpensive to replace.
Source: The Appraisal Institute, Remodeling magazine