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ROI significant with exterior replacement projects, NAR saysPosted On Thu, January 31, 2013
Homeowners renovating and looking to get the most bang for their buck may be best served with an exterior replacement project, a new report contends.
The National Association of Realtors determined this after conducting an analysis that measured how much renovators spent on remodeling projects versus how valuable they turn out to be upon completion. In virtually every instance - whether it was replacing a door, siding or windows - valuations were high, yielding a return on investment of as much as 73 percent for vinyl siding, nearly 80 percent for fiber cement siding and 73 percent for garage door replacements.
Gary Thomas, NAR president, noted that exterior replacement projects are particularly beneficial for individuals looking to sell their properties for a profit.
"Projects such as siding, window and door replacements can recoup more than 70 percent of their cost at resale," said Thomas.
He added, however, that each neighborhood is different and what may be particularly desirable in one community may not be in high demand in another.
Some of the states that saw the largest cost-value ratios were in the Pacific Northwest - namely Oregon, Washington and California - as well as in Alaska and Hawaii. Cost-value ratios in these five states averaged 71.2 percent.
Renovations aren't solely performed by those who wish to sell their place but also by people who would like to refurbish their residence in a way that's more aesthetically appealing or convenient. And just as resale values after renovations vary from state to state, so do home insurance rates. Homeowners who've recently revamped their homes may want to apprise their carrier of this, as depending on the state they live in, their rates may be subject to change.
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