Exterior Renovations - What’s in It for You

The National Association of REALTORSⓇ did a study that highlights the versatile benefits of receiving exterior renovation projects, primarily happiness, satisfaction, and high return on investments, or ROIs. Referencing this report, this article will help you decide what exterior renovation projects will benefit you the most based on what's important to you.

13 Exterior Renovations and Their ROIs

So, let’s get into the ROIs, Joy Scores, and benefits of different exterior renovation projects. Please note that the following figures are based on nationwide averages and may not reflect the cost to build in Michigan precisely.

1. A new steel door. The REALTORSⓇ study estimated that a new steel entry door received the highest ROI out of all projects provided by the National Association of the Remodeling Industry (NARI), ranging from 100-188.1%.

2. Roofing replacement. NARI calculated a perfect Joy Score of 10 for a new roof. A roofing replacement with asphalt shingles has an ROI range of 56.9-71.1%, and a metal replacement has an ROI range of 48.1-70.1%.

3. Garage door replacement. In Today’s Homeowner Report, a garage door replacement received the highest ROI: 100-193.9%. Furthermore, REALTORSⓇ gave this cost-effective project a high Joy Score of 7. It typically costs around $4,513 and has a resale value of $8,751.

4. New fiberglass front door. A new fiberglass front door has an ROI of 80% and a high Joy Score of 7.5. A NARI report pointed out that any kind of door replacement is cost-effective.

5. Siding replacement. New siding has an impressive Joy Score of 7.3. Vinyl siding replacements significantly improve the home’s exterior appeal, with an ROI of 80.2-91% and a resale value of $84,000. A fiber cement siding replacement sees average costs around $19,367, with a resale value of $18,000, and an ROI of 88.4-92.7%.

6. Vinyl window replacement. Vinyl window replacements improve energy efficiency and the home’s overall appeal. According to Today’s Homeowner, the project costs around $3,941 and has a resale value of $3,550. The ROI ranges from 67.1-90.1%, one of the top cost recoveries in the REALTORSⓇ study.

7. Wood window replacement. The REALTORSⓇ study highlighted that a wood window replacement has one of the top cost recoveries, 62.9-95.5%.

8. Manufactured stone veneer. The ROI of manufactured stone veneer ranges from 59.8-153.2%. It’s considered a wise investment with a high value in curb appeal. For example, a cost of $11,287 has a resale value of $17,291.

9. Screened-in porch addition. A screened-in porch addition is another project that enhances your outdoor living space and attracts buyers. According to Today’s Homeowner, if the project costs $19,367 it will have a resale value of $18,000, a 92.9% ROI.

10. Inground pool. Ever since COVID, social distancing, and business closures, inground pools have been a hot commodity. They cost about $46,800 and have a resale value of $42,150, with a 90.1% ROI.

11. Composite deck addition. A composite deck addition is appealing to buyers and greatly improves an outdoor living space. The ROI ranges from 68.2-86.9%.

12. Concrete backyard patio. A concrete backyard patio adds functionality and appeal to your outdoor space. An average cost of $4,488, has a resale value of $3,877, and an ROI of 86.4% ROI.

13. Wood deck addition. A wood deck addition’s ROI ranges from 80.1-82.9% ROI.

So, if you’re a homeowner in West Michigan who is ready to upgrade your exterior, call Town Corners Exteriors at 616-772-9700 or fill out our contact form for a FREE estimate! Whether you need to increase home efficiency, prepare to sell, or want a change, exterior renovations are an excellent solution. When you combine your remodeling projects you save money as well, which makes anyone happy, and impacts that return on investment even more.

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