When it comes to determining what types of home improvement projects offer homeowners the most value for their dollar, exterior replacement projects reign supreme, a new report indicates.
According to the National Association of Realtors’ “Remodeling Cost vs. Value Report,” seven of the top 10 most cost-effective projects are exterior replacement projects.
“Inexpensive exterior replacement projects are not only crucial to a home’s regular upkeep, but are also expected to recoup close to 70 percent of costs,” said Moe Veissi, president of the NAR. “Specific exterior projects such as siding, window and door replacements are part of regular home maintenance, so many homeowners are already undertaking them.”
He added that these types of projects are inexpensive and offer increased curb appeal shortly after they’re completed.
The study determined the value of renovation projects based upon construction costs and how they compared with resale values.
After performing a renovation, homeowners should review their insurance policies, as the new work done may require additional homeowners insurance protection.
Other projects that offered a good return on investment were garage door and window replacements, the study found.