You’ve decided to sell your home next year, and before your residence is ready for sale you’ll need to do a little refurbishing and tidying up to impress potential buyers. The best time to start these projects isn’t the week before you list your home for sale. Alongside tasks like researching the eventual list price of your home, you’ll also want to make a list of the projects that will offer you the biggest return-on-investment.
According to the National Association of Realtors, “exterior replacement projects” are top of the list for return-on-investment.
Homeowners looking for the most return on their investment when it comes to remodeling should consider exterior replacement projects. According to the 2013 Remodeling Cost vs. Value Report, Realtors® rated exterior projects among the most valuable home improvement projects.
Exterior remodeling ROI is often connected to the boost in curb appeal, which real estate agents regularly talk about with sellers when assisting with a home sale. There are dozens of exterior remodeling projects from which to choose, and whether you decide to engage in some of these projects will be based upon several factors.
Exterior ROI Numbers for the Midwest
The age of various features around your home may influence your decision to replace or renovation, and the expected value of those projects may also guide your project list.
According to the 2014 Cost vs. Value Report for the region containing Ohio, Michigan, Illinois, and a handful of other Midwestern states, some of the best projects for return-on-investment for midrange homes include:
- Garage door replacement: 83%
- Entry door replacement (with a steel door): 82.%
- Wood deck addition: 78%
- Wood window replacement: 74%
- Vinyl siding replacement: 73%
- Roof replacement: 60%
Interestingly, those figures change somewhat when the materials or residence is an upscale or luxury home. On an upscale home, the highest ROI for exterior remodeling projects include:
- Fiber-cement siding replacement: 82%
- Foam-backed vinyl siding replacement: 76%
- Vinyl window replacement: 72%
Budget-Friendly Projects for Curb Appeal
If you’re looking for some last minute “micro” touches to boost your home’s visual appeal, there are several sub-$100 projects that will add even more value to large projects like new roofing, updated siding, and new windows.
One inexpensive boost is painting your front door or trim. If your door is a sturdy, well-made piece, replacing it might be premature. However, painting it a vibrant color could be the ticket to welcoming guests and potential home buyers into the residence. You can also use paint to touch up the trim around the house, as well as the shutters.
The DIY Network suggests putting a new mailbox as an inexpensive boost to the property. However, they warn that new mailboxes must adhere to county or city rules:
When you install your mailbox, make sure that you are following the regulations that are set forth in the city that you live in.
If you’ve decided to list your house in the spring (which is very common in real estate), you might think about planting some bright annuals to liven-up the exterior. If you’ve got a place that gets a lot of sun, consider planting some marigolds. If your front yard has a lot of shade, consider planting impatiens.
Return-On-Investment Goes Beyond Price
You can throw around percentages and numbers regarding how much new siding, updated landscaping, or a new roof might add to your home’s value, but you also need to consider time when budgeting your pre-sale renovation tasks.
You already know that the first impression a buyer has about your home is important because it may guide the opinion a buyer forms about the overall residence even after a tour of the interior. Consider that even minor updates to the facade of your home may plant positive seeds in the minds of your buyers.
Even if a particular project won’t offer a high return-on-investment, the right projects could mean that your house could sell in a much faster timeframe than if all your renovation dollars went to the interior of the home to classic renovation projects like the kitchen and bathroom.
Considering an Exterior Remodeling Project?
Want to make sure your home looks fantastic when you list it for sale? Want to know everything there is to know about hiring an exterior contractor? Download our free guide on the 17 Things You Should Know Before Hiring an Exterior Remodeling Contractor in Arlington Heights.