Buyers are hit hard by first impressions, and sellers take advantage of this fact, aiming to amp up their curb appeal.
This is, after all, where they get the most bang for their buck. According to the latest Remodeling Cost vs. Value Report, the National Association of REALTORS® (NAR) reports that "nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects." These exterior projects are outperforming their remodeling counterparts.
Interior projects should not be forgotten, however. These spaces earn returns on costs, as well. Many times interior updates can make you stand out from the competition in your area. It is simply that in today's economy, "remodeling projects, particularly higher cost upscale projects, have been losing resale value in recent years because of weak economic conditions." (NAR)
With curb appeal projects, however, a little money can go a long way. Topping the list? Steel entry doors are returning 102.1 percent of their cost upon resale.
What other projects are sellers tackling? While most projects don't bring the profit returns of steel entry doors, sellers have some other great options for attracting buyers.
Siding and window replacements - 70 or more percent of costs recouped
Midrange garage door replacement - 83.9 percent of costs recouped
Upscale fiber-cement siding replacement - 80 percent of cost recouped
Wood deck additions - 72.8 percent of costs recouped
“It’s important to remember that the resale value of a particular improvement project depends on several factors,” says National Association of Realtors® President Ron Phipps. “Things such as the home’s overall condition, availability and condition of surrounding properties, location and the regional economic climate contribute to an estimated resale value."
Yet, says Phipps, "Curb appeal remains king – it’s the first thing potential buyers notice when looking for a home, and it also demonstrates pride of ownership."
Carla Hill Realty Times December 21. 200