Realtors® consistenly report that exterior remodeling projects return the most money as a percentage of cost, which is also detailed in the Remodeling Cost vs. Value Report provided via NAR.
Without getting technical and quoting percentages, note that on a national level, "remodels" consisting of wood deck additions and all types of siding replacements – upscale fiber cement, midrange vinyl, and upscale foam-backed vinyl – returned more than 80 percent of project costs upon resale. Something to think about if you're currently selling your home or considering it…
Regardless of the trending market (Inventory or lack thereof) it is always important for a home to make a positive first impression — this translates to quality curb appeal. Realtors® understand what attracts and motivates their Buyer Clients, which is almost always eye candy at first glance. As a homeowner, taking pride in your curb appeal specifically is a smart move to take advantage of prior to putting your house on the market to ensure less time on the market and take the spot light when compared to competition. Show how much you love your home so your future Buyer can love it, too.
While you could go all out by replacing wood decks, siding, windows etc. sometimes just a fresh paint job and sprucing up your garden (or lack of) can be worth thousands — particularly in the Spring and Summer months. However, keep in mind that if there are specific areas in need of a remodel, the return in terms of resale value is almost invaluable and should seriously be considered for [potential] additional profit.
Although most regions follow national trends, the regions that consistently estimate to return a higher percentage of remodeling costs upon resale were the Pacific region of Alaska, California, Hawaii, Oregon and Washington — which is fantastic for us, isn't it?! Fret not if you're not in any of those states because the West South Central region of Arkansas, Louisiana, Oklahoma, and Texas; the East South Central region of Alabama, Kentucky, Mississippi and Tennessee; and the South Atlantic region of the District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia and West Virginia are ALSO included in this study (Remodeling Cost vs. Value Report) — did we leave anyone out?! 😉
Remember, the resale value of any given remodeling project depends on a variety of factors — the home's overall condition, availability and condition of surrounding properties, location, and regional economic climate and so on. So.. before putting your gloves on, schedule a consult with us since it is literally our job to view every single home on the market and to provide valuable insight into what projects and improvements will make a difference with Buyers in your area(s). 🙂