Attention Sellers: Remodeling Projects to Increase Your Sales Price
The results are in! NAR surveyed thousands of consumers, real estate agents, and industry professionals on interior and exterior home remodeling projects. The projects listed below are the best exterior remodeling projects that can get you the biggest bang for your buck when it comes time to list on the market.
Exterior Remodeling Projects
If you are looking to remodel your home with the intent of selling at a higher price, you should consider these projects for their overall cost to the owner and their potential boost in selling price. We’ve ranked these exterior projects based on the most value and cost recovery a homeowner can receive based on NAR’s2015 Remodeling Impact Report.
The following four projects received the best overall value for sellers:
(1) Installing new roofing received the highest money-back value. A new roof provides durable and long-lasting protection to the home with energy efficient benefits. Remodelers from the National Association of the Remodeling Industry (NARI) estimate that new roofing costs $7,600. NAR REALTORS® estimate that the increased value for sellers is $8,000 and a homeowner can recovery 105 percent of the costs.
(2) Fitting a new garage door adds to the curb appeal as well as upgrades worn-out features on the exterior of the home. NARI Remodelers estimate that a new garage door will cost $2,300. NAR REALTORS® estimate that sellers can increase the value of their home by $2,000 and recover 87 percent of the remodeling investment.
(3) Putting up new vinyl siding upgrades the home and improves its energy efficiency. NARI Remodelers estimate that new vinyl siding will cost $12,000. NAR REALTORS® estimate that sellers will gain $10,000 and recover 83 percent of the costs.
(4) Adding new vinyl windows will also increase the home’s energy efficiency for potential buyers. NARI Remodelers estimate that new vinyl windows will cost $15,000. NAR REALTORS® estimate that sellers will gain $12,000 and recover 80 percent of the costs.
The most expensive remodeling projects include:
Installing new wood windows at a cost estimate of $26,000 (estimated cost recovery at 58 percent),
Adding fiber-cement siding at $19,100 (estimated cost recovery at 79 percent),
Fixing new vinyl windows at $15,000 (estimated cost recovery at 80 percent), and
Mounting vinyl siding at $12,000 (estimated cost recovery at 83 percent).
The least expensive remodeling projects include:
Installing a new steel door at a cost of $2,000 (estimated cost recovery at 75 percent),
Fitting a new garage door at $2,300 (estimated cost recovery at 87 percent), and
Installing a fiberglass front door at $2,500 (estimated cost recovery at 60 percent).
For a complete list of home remodeling projects, the level of homeowner satisfaction, cost estimates and seller value, read more in the2015 Remodeling Impact Report.
*Disclaimer:The report provides a cost recovery estimate for representative remodeling projects. The actual cost of each remodeling projects and cost recovery are influenced by many factors including project design, quality of materials, location, age and condition of the home and homeowner preferences.
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