As a homeowner, you may be looking for ways to improve your home’s value. While some repairs and renovations are necessary because of time, wear and tear, or because of some type of damage that must be fixed, others fall more into the more “nice to have” category. No matter the reason, exterior renovation is a good way to invest in your home and even increase its value while enhancing your ability to enjoy your home while you own it.
You Don’t Get a Second Chance to Make a Good Impression
Your home’s exterior appearance matters. Just take a look around your own neighborhood and you can likely identify those homes well-kept and in good repair, as well as a few that could use a little TLC. For potential buyers, the outside view of your home which includes things like siding, the roof, landscaping, and gutters, is the first thing they’ll see when they arrive at your address for a showing. If the outside isn’t in good condition, they may not even bother taking a look at the inside.
Prioritizing Exterior Renovation Projects
So, where do you start? When thinking of doing an exterior renovation project of any kind, it is smart to think about just how much of an impact this renovation will have in influencing potential buyers down the road. If you are like most of us and need to prioritize where your renovation dollars are placed, we’ve uncovered a few exterior projects that are proven to increase the resale value of your home.
- Replace or repair the roof. If you’ve been putting off replacing that aging or damaged roof, you can count on potential buyers to notice. Zillow, a popular online real estate marketplace, suggests taking care of any roof problems before you ever list your home for sale. In fact, homes with roofs that are aging or in poor condition are found to receive fewer offers, involve a longer sale process, and garner a lower offer price. How much can you expect a roof replacement to add to your home’s value? It’s hard to quantify – and varies based on a number of factors including materials used, the style of the home and the area in which you live – but a 2022 “Cost vs. Value” report says an investment in a new roof with asphalt shingles can recoup as much as 60% when it comes time to sell your home.
- Put siding on the exterior renovation plan. Another exterior improvement that can reap big benefits in increasing your home’s value and overall curb appeal is to install new or replace aging siding. Damage to your home’s exterior siding is not only unsightly, it can also result in additional structural damage that can add more to the overall cost of repair in the long run. Siding that is peeling, rotting, broken or deteriorating can allow moisture to encroach on the underlying structure, and this is something home inspectors look for when they are evaluating a home for a potential buyer. There are many kinds of siding available in a wide variety of price points, but any upgrade in exterior siding will provide a return on investment. Remodeling Magazine lists an ROI between 68% and 80% on the dollar for those homeowners in 2021 who invested in new siding. Vinyl siding is typically least expensive, while stone siding can be most costly. The type of siding you select impacts the average ROI, but making wise decisions relative to how long you intend to stay in your home can really pay off in the long run.
- New gutters create a finishing touch. You may be surprised to learn that replacing aging, dented or broken gutters can also have a big impact on curb appeal and resale value. It’s all a part of the external appearance that makes your home more or less attractive, depending on the condition. We often recommend replacing gutters as part of any siding repair or replacement project, simply because of the huge difference it makes in your home’s appearance for the relatively low price of installation.
As you can see, exterior renovation dollars can really add up in increased value and the overall appeal of your home. Making repairs now will add to your enjoyment while you live there and can really help drive buyer behavior when it comes time to sell.
If you aren’t sure about how to begin when it comes to roofing, siding, or new gutters, reach out to us at Warren Thompson & Son for a professional assessment. Warren County homeowners have trusted us for 47 years to help them make the most of their exterior renovation dollars while increasing the appeal and resale value of their homes. Contact us today for a free consultation.