Exterior Remodeling Retains The Most Value in 2019
by Hoffman Weber Construction, on January 22, 2019
The just released Remodeling 2019 Cost Vs Value Report is good news for homeowners considering exterior remodeling and replacement projects. These improvements account for five of the six projects with the highest retained value or payback when US West North Central area homes are sold.
|Manufactured Stone Veneer||93.5%|
|Steel Entry Door||82.3%|
|Vinyl Windows Replacement||77.1%|
As usual, experienced Realtors set the new payback rates. They explained that curb appeal projects hold value because they make a positive first impression among prospective homebuyers and are not as dependent on personal tastes as interior remodeling projects. They also tend to cost less than many major interior remodeling projects.
Exterior Facelifts a Safe Investment
If you spend $75,000 remodeling your kitchen, the next person may prefer different cabinets or countertops. But everyone appreciates exterior surfaces that look updated and well maintained. And you will benefit from the added storm protection, comfort, energy conservation, convenience and security that new windows, doors, siding and roofing can provide.
The annual study uses a leading construction estimating tool to determine average project costs by region. Then it asks Realtors to rate how the improvement would impact the listing price of the house.
“Most Hoffman Weber Construction clients pursue projects because they want their homes to be weather tight, energy efficient and attractive for their own benefit. It’s a bonus that these projects also add value to the homes and retain much of their value at resale,” said Hoffman Weber President Joe Hoffman.
Study Reflects Higher Materials Costs
The downside of the annual study is that it confirms what Hoffman Weber knows too well. Project costs are up due to the rising cost of building materials and labor.
The study said the average cost of a 3,000 SF asphalt shingle roof replacement rose from $27,096 in 2017 to $30,834 in 2018 (a 13.8 percent increase). The cost of a steel entry door climbed a whopping 24 percent during the same period, mostly the result of higher tariffs on imported steel.
Hanley Wood Publishing LLC produces the annual study to monitor project costs and return on investment. Hoffman encourages homeowners to download the entire study to improve their understanding of what a broad range of remodeling and replacement projects cost.
“Many homeowners have no idea what it costs to replace a roof, siding or windows and doors or their assumptions may be outdated. The Remodeling 2019 Cost Vs Value Report provides an unbiased frame of reference,” Hoffman said.
© 2019 Hanley Wood, LLC. Complete data from the Remodeling 2019 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.