When it comes to investing in the value of a residential piece of real estate, The National Association of Realtors in collaboration with the National Association of the Remodeling Industry (NARI) gathered some data detailing the upgrades and updates to the exterior of a home that bring the greatest bang for the buck when it comes to impacting the resale value and the overall effect on the happiness by those same changes for the current homeowner.
* Adding a new fiberglass or steel front door is an upgrade that offers a fresh update to the curb appeal along with increased energy efficiency and improved function. Style is key here – multiple colors capture the personality of the home, windows let in natural light, in-glass blind upgrades ease cleaning tasks, and transoms add visual interest.
* Installing new vinyl windows is another option that enhances curb appeal while at the same time maximizing energy efficiency and improving functionality. Several decisions will be necessary – the type of frame, noise reduction options, and insulation factors, as well as style (double hung, box, or casement). New windows add to the livability of a home and enhance a feeling of newness even in an older home.
* Replacing an old garage door with a fresh new one. Garage doors can be made from a variety of materials (vinyl, fiberglass, steel, wood, aluminum, or composite materials). Each material has advantages and drawbacks that should be carefully considered before purchase, but the look of a new garage door amps up the curb appeal while typically increasing energy efficiency.
* Updating the siding of a home can impact the value of the home with an average 83% value recovered. Modern vinyl siding has been significantly improved since the product first came to market. While it is not typically an option for a historic home, it can be a durable, adaptable, energy efficient choice for the modern home.
* Replacing the roof is another significant update that can impact the resale value of a home and is the only upgrade on this list that typically makes back more than the money spent (105% value recovered). With so many options to consider for roofing materials, it is important to choose the best one for any given situation – clay or concrete tile, asphalt single, metal, slate, wood shingles and shake, or even synthetic options.
None of these projects are particularly inexpensive, but each of them draws potential buyers and increases the satisfaction of current homeowners making them money well spent.