Curb appeal is one of the most important factors in selling a home – homes sell for more money when they have it. Everyone knows that first impressions are the most important. Buyers want to be charmed and excited about a property as a whole. A clean, tidy front yard, front walk swept of leaves and snow, pavers laid safely and evenly, and an attractive frame of landscaping set the tone for a positive buyer experience.
Since 2003, replacement costs have generated more value at resale than remodeling, according to the latest Remodeling Magazine 2014 Cost vs. Value report. That’s good news for sellers who want to ramp up their home’s curb appeal.
In fact, the five projects with the best cost to value ratios were all directly related to curb appeal: Midrange roofing replacement rose 5.9% over last year, while midrange garage door replacement was up 5.6%. The 20-gauge steel replacement entry door was up 5.4% and vinyl siding replacement rose 3.2%. In the upscale category, the fiberglass replacement entry door was up 1.7%.
Exterior projects such as these are crucial to any home’s integrity, says the National Association of REALTORS. “These projects also do not require expensive materials and they have the added bonus of instantly adding curb appeal,” says the trade organization.
The quality of materials may also make a difference in resale. For example, a wood deck addition returns 80.5 percent of costs, while a composite deck addition returns only 68.0 percent. A steel entry door returns 101.8 percent of its cost, while a fiberglass replacement door returns only 72 percent of its cost.
While it may seem counter intuitive to pay $100 and only get $72 back at resale, updating is the best way to help a property maintain its appeal to future home buyers.
“Resale value is just one factor among many that homeowners need to take into account when making a decision to remodel,” advises the NAR. “The desirability and resale value of particular remodeling projects also varies by region and metropolitan area.”
Find out what home improvements will benefit your home by calling Helen today at 847.967.0022 or email [email protected].