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Remodeling Magazine puts out a cost versus value report annually that breaks down for us the best places to invest in our homes. Surprisingly 9 out of 10 on the list were exterior projects. A minor kitchen remodel came in as well as being the best interior renovation for return on investment with an average return of 78%, the only interior item on the top 10 list!
Best Return on Investment
What exterior projects should homeowners concentrate on for the best return on investment?
- Exteriors stone veneer comes in at the top of the list. On average, the cost was $9,357 with a 96% return on investment or resale value add of $8,943.
- Garage door replacement was next in line for the biggest return at 94%! So you may want to consider replacing yours.
- Siding replacement is also a strong contender to consider with an average return of around 78%.
- Window replacement or adding a deck is thought to bring 69 to 72% according to the report.
- Upgrading your exterior facade brings a facelift to the property and that enhances your curb appeal as buyers drive by and consider your property for their next home.
That’s why we’re not surprised that these improvements or upgrades can be such a great return on investment for you if you’re considering ever selling your home.
Least Return on Investment
The project that offered the least return on investment was adding an addition of a luxurious master suite.
The return on investment on that, depending again on the money that you’re spending, is thought to only be around 52%. Overall, the cost to value ratio of all of these projects is almost 64% so there’s a lot of great items you can do!
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