According to conventional wisdom, the best way to increase the value of your home is to give your kitchen a facelift, or maybe add a bathroom or bedroom. But while those types of large-scale interior projects can add significant value, they also come with huge price tags. We took a look at the projects that retain the most value for homes in New England, and it turns out, most of those projects are exterior renovations.
The single most cost-effective project was adding fiberglass attic insulation to your home, which provides ROI of 143.8%!
Another renovation which is both cost effective and provides a boost in curb appeal is replacing your entry door with a fiberglass door like Therma-Tru (80.7% of the cost was recouped.)
Other improvements include vinyl window replacement (77.5%), siding replacement (76.9%), wood window replacement (72%), and roofing replacement (66.9%). These projects are great options for anyone looking to boost the look, value, and energy efficiency of their home.
So why are these exterior projects so much better at retaining their value? For one, you are less likely to encounter unanticipated electrical or plumbing issues when installing siding than renovating your kitchen. Secondly, they protect other elements of your home. For example, the value of a new roof isn’t just in the roof itself; it also does a better job of protecting everything underneath it.
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