Five top home improvements that raise your home's resale value
3/5/2015, 8:40 a.m.
(STATEPOINT) Before you decide on a home improvement project, it’s a good idea to learn which ones will help raise your house’s value and recoup the most money when you decide to sell.
From replacing your front door to adding a deck, there are many midrange improvements that won’t cost a bundle but will deliver great bang for your buck. It’s not about spending the most money; it’s about improvements that best hold their value.
The experts at “Remodeling” magazine recently released their 28th annual Cost vs. Value Report, comparing construction costs with resale value for 36 of the most popular home improvement projects. When it came to midrange projects, the report found homeowners recouped the highest percentage of costs on these five improvements: steel entry door replacement, installation of manufactured stone veneer on home exteriors, garage door replacements, vinyl siding replacement, and wooden deck additions.
“Making your home stand out from others on your block and others on the market is achievable if you plan wisely when it comes to remodeling projects,” says Phil Wengerd, Vice President of Market Strategies at ProVia, a leading building products manufacturer. “This year’s statistics indicate that moderately priced exterior projects can significantly enhance home resale values.”
This year’s analysis of top midrange home improvement projects provided definite direction for homeowners:
• Steel Entry Door Replacement: The 20-Gauge Steel Entry Door has consistently delivered the best return on investment for resale, holding the top spot in the midrange product category since its debut in this report in 2009/2010. The steel entry door is the only project that, on a national basis, more than pays back its investment, typically recouping 101.8 percent. At ProVia, for example, the company’s Legacy Steel Entry Doors are a consistent top sales performer.
• Manufactured Stone Veneer: A new project on this year's report is the installation of manufactured stone veneer on home exteriors. This category zoomed to the top of the midrange list, grabbing second place with a 92.2 percent cost-value return. Increased product demand for Heritage Stone is a reflection of this trend, observed by Wengerd and others.
• Garage Door Replacement: The installation of new four-section garage doors on galvanized steel tracks proved to be a valuable project with homeowners recouping 88.4 percent of their costs.
• Vinyl Siding Replacement: Replacing a home’s vinyl siding was one of a handful of projects that jumped up the list for recouping improvement costs. So not only can new vinyl siding beautify a home, it can keep it weatherproof and enhance its resale value.
• Deck Addition: Adding a wooden deck can do more than provide a place to enjoy the great outdoors. When it comes time to sell, you should be able to pocket more than 80 percent of the cost for this improvement.
More resources on home improvement projects, along with information on entry doors, vinyl siding and manufactured stone veneer, can be found at www.proviaproducts.com/cvv.
Before you dip into your wallet, learn which home improvements will best hold their value while enhancing curb appeal.