When most homeowners consider renovating, they often focus on the interior of their homes. But home improvement projects on the exterior of the home actually offer the best value for the cost. In fact, some exterior home renovations have a higher return on investment than most interior improvements.
Most Valuable Home Exterior Renovations
When you think about it, the outside of your home suggests a lot about its interior. If the exterior siding finish is in disrepair or your front door shows signs of aging, people will assume the interior isn’t in the best condition either. That’s part of the reason why exterior home renovations hold a higher degree of value.
Here are the top six home exterior renovations that deliver the most value, as compiled in the Remodeling Magazine 2013 Cost vs. Value Report. The value reflects the percentage of cost recouped from your initial investment.
- Entry Door Replacement – A steel replacement door has the highest cost to value return at 85.6 percent, with a fiberglass replacement entry door not far behind at 65.9 percent.
- Deck Addition – A deck addition constructed of wood has a 77.3 percent return on investment, while a composite deck addition has a slightly lower cost to value return at 67.5 percent.
- Garage Door Replacement – Replacing a garage door delivers a 75.7 percent return in value. If you go a step further and add an addition to the garage, the return on investment is 63.7 percent.
- Siding Replacement – Replacing exterior siding provides a significant return on investment. Vinyl siding replacement, in particular, has a 72.9 percent investment value.
- Window Replacement – Wood window replacements have a 73.3 percent cost to value, but vinyl window replacements are just as valuable, at 71.2 percent.
- Roof Replacement – Besides protecting the structure of your home, replacing a roof that has reached or exceeded its life expectancy offers a 62.9 percent return on value.
Cost Considerations for Exterior Home Remodeling
Despite the favorable return on investment, the driving force behind any home renovation project is its cost. For instance, in this Remodeling Magazine chart showing the top 13 high-value projects, the average construction costs for 10 of them is under $16,000 each. For basement remodel, attic bedroom and minor kitchen remodel, costs range from $18,527 to $61,303. Keep in mind that cost-to-value ratios may vary from state to state.
So how do you decide whether to spend the money and make exterior renovations? We recommend using these questions for guidance.
- Are you thinking about selling your home in the near future and looking for ways to increase its resale value?
- Is your home exterior showing signs of wear and tear?
- Are windows and doors old and drafty or not working properly?
- Is your roof beyond its life expectancy or showing signs of roof damage?
- Will the renovation enhance your comfort or safety?
- Will the renovation save you money in the long run, for example lower energy bills from making energy efficient renovations?
When you’re ready to make exterior home renovations, be sure to get in touch with us. The Roofing Annex offers competitive pricing and expert installation of roofing, exterior siding, replacement windows and replacement entry doors. Our free quote is your best option in planning your next home exterior project!