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What Is the ROI on Exterior Renovations?

Jun 9, 2021 11:48:00 AM

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Exterior renovations serve many purposes. First, you want to make sure your home is protected. You want to repair any issues on the outside and prevent further damage from occurring. Second, you want to make sure your home looks fantastic. And finally, you also want to make sure you improve the value of your home. A $10,000 renovation that you want is one thing, a $10,000 renovation that adds $20,000 in value to your home is quite another.

New Roofing

NARI found that a new roof will give homeowners an average of 109 percent ROI. Most home buyers don't want to have to replace a roof; having a new roof is a huge selling point. Additionally, most people aren't going to buy a home that needs a significant amount of roof repairs. When it comes to new roofing, a new roof can also improve your insulation -- making you more comfortable and saving on energy bills. Adding ventilation can also extend the life of your roof, preserving the investment you have already made in your home. 

On a practical level, you need to replace your roof periodically regardless. If your roof is 20 to 30 years old, it's likely approaching the end of its viable lifespan. You'll have to replace your roof soon if you want to avoid problems such as water damage inside your home.

New Windows

New windows have an ROI of nearly 76 percent. They also improve your insulation by a great deal, depending on how old your existing windows are. Updating all the windows in your property will both save on your energy and can update an older looking home to a modern one. 

New Entry Doors

Entry doors don't just have a high ROI (steel doors provide over 101 percent return), but they're easy to install and affordable. If you want to change the look of your home through a minor adjustment, entry doors can be the right choice. You can also change out your garage doors to dramatically change the look of your home from the curb.

New Siding

Siding provides an 88.1 percent return on investment. Additionally, like a roof, it can help you save on energy bills; it's something that continuously provides value. There are many new types of siding today, which are stronger, more attractive, and far easier to maintain.

New Decking

A deck can give you anywhere from 68 percent to 80 percent ROI, depending on the material you use, the size of it, and its functionality. Decking adds appeal and enjoyment to homes, providing additional livable space, and giving people something to help imagine themselves inside the property.

New Paint

Exterior paint is one of the fastest ways to make your property look like new, both to you and potential buyers. Exterior paint has a 55 percent ROI. Light gray, dark gray, blue, and charcoal tend to be the most popular home paint colors, and the colors with the best ROI. Take a cue from your neighbors if you want to see what's popular in your area.

If you've got exterior renovations to do, reach out! Exterior Medics is happy to discuss which exterior renovations will provide you with the most value and make the most sense for you.