If you are planning to sell your house, some renovations might be needed in order to attract buyers. To make a sound decision, it is important to know which items will bring in the best ROI or return of investment. This year, renovation trends are geared toward the exterior of the home. The logic here might be simple: if buyers did not like by what they see when they drive up, they might lose interest for that particular property.
Here are the top home exterior renovations that will yield the highest return of investment based on the latest Cost vs. Value Report:
Garage door replacement
If you have a beat-up garage door, it can make your whole house look bad to the eyes of the buyers. Try to spend $1,595 for a garage door replacement and you'll get a return of $1,410. That’s 88.4% of the renovation cost.
Manufactured stone veneer
Manufactured stone veneer can add character to a home, making it more desirable. It also pays back well if you are planning to resell your house. It has a cost-value return of 92.2%.
Steel entry door replacement
Based on the Cost vs. Value report, steel entry door replacement is a home renovation that more than pays back its investment as it leads to a better resale value for the property. The said report stated that as much as 101.8% of the cost can be recouped with this renovaton. In cost-value ratio, the figure will express resale value as a percentage of construction cost. If the value is higher than the cost, the ratio will exceed 100% as in the case of steel entry door replacement.
Having a deck in your house will contribute significantly in selling your house. A lot of buyers are looking to get some enjoyment out of a property with such outdoor trend. It may require you to spend around $10,048, but it can pay back for about 80% of that amount once sold.
Vinyl siding replacement
If your siding is warped, cracked, or peeling, buyers may lose their interest in your property. So, do not overlook this aspect when putting your renovation dollars. For about $12,013 renovaton cost, that might not sound exciting as a property owner. But it will help you to get your home sold and later, you are able to regain around 80% of that amount once your house is sold.