Small exterior projects continue to be rated by REALTORS® as the most valuable home improvement projects, according to the 2015 Remodeling Cost vs. Value Report. The report, which compares changes in home improvement project costs with REALTORS®' perceptions of what those projects contribute to a home's price at resale, is compiled annually in collaboration with Hanley Wood's Remodeling Magazine.
"First impression counts. The curb appeal of a home can make all the difference in the world on whether a prospective buyer might consider entering that home or not," said Chris Isaacson, 2015 president of the Silicon Valley Association of REALTORS®. "Some small projects need not break a budget, but can make a difference in the look and feel of a home."
HouseLogic.com, the National Association of REALTORS®' consumer website, highlights the following top 10 projects in the report in terms of cost recouped:
Steel entry door replacement was again identified by REALTORS® this year as the project expected to return the most money, with an estimated 101.8 percent of costs recouped upon resale (ROI). The steel entry door replacement is the least expensive project in the annual Cost vs. Value Report, costing little more than $1,230 on average and the only project on the list to recoup more than 100 percent of its cost at resale on a national level. Not only does this replacement enhance curb appeal, it also boosts energy efficiency.
Manufactured stone veneer (92.2 percent ROI) has an average cost of $7,150 and offers a top return in remodeling dollars. Lightweight stone veneer is easy to install and creates good curb appeal.
Siding replacement with fiber cement (84.3 percent ROI) is long-lasting because it protects the house from termites, moisture, rot and fire and does not need frequent repainting. This improvement has an average cost of $14,014.
Garage door replacement, especially one that is insulated, adds value to a home. The national average cost for midrange steel is $1,595 (88.4 percent ROI) and average cost for upscale insulated steel is $2,944 (82.5 percent ROI)).
Vinyl siding replacement is lightweight, low maintenance, easy to install. Insulated vinyl also cuts energy costs. The national average cost for midrange vinyl is $12,013 (80.7 percent ROI) and average for insulated vinyl is $15,184 (77.6 percent ROI).
Wood deck addition (80.5 percent ROI), with a national average cost of $10,048 (about $30 per square foot), extends the homeowner's living area at a fraction of the price of an enclosed addition and is good for dining, relaxing, and entertaining.
Minor kitchen remodel with new cabinet doors and drawer fronts, along with new appliances, counter top and flooring has had one of the highest average returns over the past 10 years. National average cost for a kitchen update is $19,226 (79.3 percent ROI).
Foam-backed vinyl siding replacement (77.6 percent) is another option for homeowners with concerns about energy savings and fuel efficiency. At an average cost of $15,184, installed directly over flat wall sheathing, this type of siding replacement leaves no space for water to escape.
Replacement windows are great for energy efficiency. The national average cost for 10 midrange vinyl replacement windows is $10,316 (77.5 percent ROI)), and $11,341 for 10 midrange wood replacement windows (78.8 percent ROI).
Attic conversion (77.2 percent ROI) is a remodel that can also expand living space by providing an extra bedroom, if insulated. This remodel has a national average cost of $51,696.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.