The 3 most valuable exterior replacement projects
During every winter season, housing markets across the East Coast are faced with a myriad of extreme weather conditions. Accordingly, the cold temperatures and snowfall typical of this time of year generally see homeowners spending lots of their time indoors. However, while many be seeking shelter inside their houses, others take this opportunity to look around their residence's exterior and examine ways to further improve it.
If you recently purchased a home in the Northeast, there are a number of projects that can be undertaken in order to enhance your sense of comfort - along with your house's resale value, if you ever choose to list it on the market. Looking to plan out a home improvement that can be completed when the weather is better? Consider the following three updates.
1. Enhance curb appeal with new siding
Whether a house is listed on the local market or not, curb appeal is an important factor that homeowners should keep in mind. And, this year, two different siding replacement projects were named in the top 10 most cost-effective improvements within the National Association of Realtors' 2014 Remodeling Cost vs. Value report.
Fiber-cement siding is expected to be a popular undertaking this year, as the organization estimated that such a project will return 87 percent of the overall cost. Vinyl siding was close behind, as industry experts projected installing this exterior material would return 78.2 percent of the total cost.
"With many factors to consider such as cost and time, deciding what remodeling projects to undertake can be a difficult decision for homeowners," said Steve Brown, president of NAR. "Realtors know what home features are important to buyers in their area, but a home's curb appeal is always critical since it's the first impression for potential buyers. That's why exterior replacement projects offer the greatest bang for the buck."
2. Improve front entryway with steel door
In the same report, NAR noted that installing a steel entry door is this year's most valuable replacement project, as it is expected to return the most money during a subsequent sale. After completing the improvement, it's estimated that homeowners will see 96.6 percent of their costs successfully recouped, as it costs a little more than $1,100 on average.
This can heighten the degree of safety and security your home offers, and may provide for a more pleasing arrival when you have friends or family members come to visit.
3. Upgrade garage door appearance
Garages aren't just structures that house automobiles or fledgling neighborhood bands - they are seen as an extension of a home, and can significantly add to the property's overall appearance.
According to HouseLogic, improving an existing garage door by replacing it with a mid-range steel veneer that complements your home's color scheme can result in a sizable return. In fact, those who update their property's garage door can expect to see 75.7 percent of their investment recouped. Even if you don't utilize this space for much more than seasonal storage, enhancing its look can see your home's value increase, and potentially garner more interest from prospective buyers if its ever listed.
Interested in completing any of these home improvements? Doing so can not only enhance your home's functionality, but its aesthetic appeal as well. At Poli Mortgage Group, we know how important - and expensive - updates like these can be, so we offer an extensive line of helpful products and services. Our team of Loan Officers are highly skilled at finding clients low rates and using them to secure affordable payment plans with favorable terms. Looking for residential lending from a trusted firm? Call 866-353-7654 today to learn more and get started.