What projects bring the highest return for Denver homes? Off the top of my head, I would have guessed kitchens, baths or additions. But according to 2010-11Remodeling Cost vs. Value Report, REALTORS recently rated exterior replacement projects among the most cost-effective home improvement projects, demonstrating that curb appeal remains one of the most important aspects of a home at resale time.
Nine of the top 10 most cost-effective projects nationally in terms of value recouped are exterior replacement projects. The steel entry door replacement remained the project that returned the most money, with an estimated 102.1 percent of cost recouped upon resale. Do you want to know the best part about these findings? Exterior improvements tend to be much less expensive than interior improvements. For a full, downloadable report on the breakdown of all home improvement projects, click here.
Since this came as such a surprise to me, I decided to look a little deeper and investigate how much exterior improvements really do help and if this report is accurate. A house that I had showed recently in Berkeley immediately came to mind. I remember seeing it when it first was on the market last fall. The curb appeal was horrible and I didn't even give it much of a second glance. It was purchased by a buyer with definite vision and is now under contract after only a few days on the market at a much higher price.
By looking at the before and after pictures below, you can see how big a difference the exterior improvements made. With some new paint, contrasting trim colors and by removing the tired, enclosed patio this house went from dreary to charming. Imagine being a buyer and pulling up to these two homes. Which one would grab your attention over the other? Before making improvementsto your home, it is always a good idea to consult studies like these and your Realtor to make sure your money is going to an improvement that will show you the greatest return when it is time to sell.
Before: After:
If you need some tips for a home you are thinking of selling, or need some ideas for improvements when you are ready to buy, just let me know.
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