A recent housing study by Harvard University found that Americans spent a staggering $420 billion on home remodeling projects in 2020. Which upgrades have the most positive impact on resale value?
In the second of a two-part series, we review exterior remodeling projects with the greatest influence on real estate sales trends, based on an annual report from the National Association of Realtors®.
- Roofing Upgrade
An old, worn-out roof is likely to keep potential buyers from walking through the front door. Aside from aesthetics, a high-quality roof keeps a home well-insulated and prevents rain, wildlife, and other destructive elements from getting inside.
New roofing tops the NAR’s list of exterior remodeling projects. The average cost of $12,000 is generally recovered 100 percent.
- New Garage Door
This may seem like a surprising entry, but a garage door is a major element in curb appeal. A strong garage door protects the contents and serves as an important safety factor, especially when paired with add-ons such as automatic door openers.
At a relatively modest average cost of $2,000, a new garage door should definitely be on a seller’s to-do list. Just as with roofing, the cost of new garage doors is usually recouped 100 percent.
- New Siding
Siding can make or break the look of your home. Vinyl siding has been the #1 choice for more than 20 years, but fiber cement siding, made with a mix of wood pulp and Portland cement, has been gaining in popularity.
Both options have pros and cons, which you can evaluate based on your individual situation. Whichever method you choose, you can expect to recover 82-86 percent of the cost.
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