Often times before selling, we focus on preparing and repairing the interiors of our homes before the first potential buyer sets foot inside. We paint, replace flooring, upgrade kitchens and more. While that’s important, it’s also extremely important to focus on the exterior of your home as well. There are many updates and repairs that should be considered for your home's exterior to increase your home value. As well, many of these projects have a high return on investment (ROI.) So, the money you invest in the projects will likely come back to you in your sales price.
One of the first questions buyers ask is "How old is the roof?". If your home needs a roof repair or is 15-20 years old, you may want to consider replacing it. A new roof has one of the highest returns on investment. According to a report from Realtor.com, replacing your roof will give you a 105% ROI. Buyers will pay more for a home with a new roof. After all, the roof protects the entire home. Your home value will increase by at least what you pay for the roof.
Replacing your siding is another key project. Like the roof, siding is another main protector of your home. According to this same report from Realtor.com, replacing your siding with new vinyl siding will give you an 83% return on investment. Replacing it with a new fiber cement siding will give you a 79% ROI.
Garage doors are another biggie that have a high ROI. Installing a new garage door will give you an 94.5% return on investment, according to rismedia.com. The report states that an average garage door replacement will cost $3,695, with a resale value of $3,491. Consider garage doors with good insulation. Current trends include carriage or barn-style garage doors. In addition to upgrading the quality, you can be updating the style as well. This may very well lead to a higher sales price and you receiving more money for your home.
Homeowners are also replacing front doors to give their homes' entries a new look. Your best bet is to install a new steel front door, which will give you a 75% return on investment, according to the Realtor.com report. A steel door offers more insulation. A new fiberglass front door won't give you as much return, coming in at only a 60% ROI. A front door is the first thing that buyers and guests see when they visit your home. The style should somewhat match the garage door. However, the color doesn’t have to be the same. Choose a color that will really welcome visitors. Better Homes and Gardens says, “The front door should serve as a welcoming beacon to greet guests”. It's often considered best to choose a classic, neutral color.
Home buyers also like to purchase homes with new windows. New vinyl windows have a high return on investment, at 80%, according to the Realtor.com report. New wood windows will give you an ROI of only 68.9% according to rismedia.com. Historically, wood windows have been known to be more popular for upper-end homes. However, now many homeowners are installing vinyl windows which require less maintenance.
Homeowners who replace exterior components of their homes will definitely enjoy increased values. Most buyers want move-in ready homes. This is especially true of first-time homebuyers and investors. They either don't have the extra money for major repairs, replacements or renovations, or want to maximize their investments.