Many buyers judge a house by its exterior. Three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades.
The most profitable project on the national level was upscale siding replacement, recouping 88% of costs upon resale. Wood deck additions and wood window replacements also returned more than 80% of costs, at 85% and 81%, respectively.
On a national average, the only interior project to return more than 80% of remodeling costs this year was a minor kitchen remodel, returning 83% of project costs at resale.
Three other exterior projects were tested. Nationally, adding a back up power generator only returned 58% of the investment on resale, although Texas had a 68% return. Midrange garage additions returned nearly 70% nationally, while an upscale garage addition returned approximately 65% nationally.
The least profitable projects were a back-up power generator, sunroom addition, and home office remodel.
When considering a remodeing project, particularly with an eye toward resale, it's important to evaluate your home's current condition, how the project will change the existing space in your home, as well as how your remodeled home will compare to other homes in your community.
For example, using a breakfast nook to expand the kitchen seems like a good use of space, but using the same space to add a first floor bathroom in an older home that doesn't have one will draw more buyers.
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