Spring is a great time for home improvements, but often the list of projects you want to tackle can seem overwhelming. A good place to start is considering which project will have the highest return on investment. Home projects can add up quickly, so before you begin plotting your big spring project, take some time to determine if the project will add to your home’s resale value.
According to Remodeling Magazine’s recent Cost vs. Value home improvement report, outdoor projects prove to be the best value and are, generally, less expensive than interior remodels. Buyers may not love your choice of tile in the bathrooms or accent wall in the dining room, but exterior updates have a universal appeal.
Consider these stats:
Siding Replacement – Resale value $11,554; Cost recouped 76.7%
Vinyl Window Replacement – Resale value $11,855; Cost recouped 74.3%
Roofing Replacement – Resale value $14,320; Cost recouped 68.4%
Deck Addition – Resale value $9,065; Cost recouped 82.8%
Backyard Patio – Resale value $25,769; Cost recouped 47.6%
It’s understandable why these particular projects have such a high ROI. Exterior projects can boost your home’s curb appeal factor – a key component in any property’s value. They’re also function-first projects. While not every buyer may appreciate your taste in interior decorating, they all understand and appreciate the value of a properly functioning roof, siding, or windows.
If you’re ready to start improving your home this spring, consider these projects first. Not only will they bring the most enjoyment to your family, but the return on investment will make it all worth it in the long run.