ORLANDO, Fla. – Homeowners often consider remodeling projects as a way to add value to their homes, but some projects add more value and a better return on investment than others, according to the 2015 Cost vs. Value Report, compiled by the National Association of Realtors® (NAR) and Hanley Wood’s Remodeling Magazine.
The report compares changes in home improvement project costs with Realtors®’ perceptions of what those projects contribute to a home’s price at resale. In the latest survey, Realtors ranked small exterior projects – which boost curb appeal for buyers – as some of the most attractive and valuable for homeowners.
Only one project returned more money at time of sale than it cost to install: a steel entry door, which has topped the cost vs. value list in previous years. According to Realtors, a new steel entry door returns about 101.8 percent of its costs upon resale.
In addition to returning the most money at the time of sale, the steel entry door is also consistently the least expensive project in the annual report, costing a little more than $1,200 on average.
Rounding out the top 10 projects in terms of cost recouped at time of home resale:
- Manufactured stone veneer (92.2 percent)
- Garage door replacement – midrange project (88.5 percent)
- Siding replacement with fiber cement (84.3 percent)
- Garage door replacement – upscale project (82.5 percent)
- Vinyl siding replacement (80.7 percent)
- Wood deck addition (80.5 percent)
- Minor kitchen remodel (79.3 percent)
- Wood window replacement (78.8 percent)
- Foam-backed vinyl siding replacement (77.6 percent)