If you’re looking for remodeling projects that will deliver the most bang for the buck, exterior projects are some of the best bets. According to the Remodeling 2023 Cost vs. Value Report, exterior projects such as garage door replacement, manufactured stone veneer, and vinyl window replacement were among the top projects delivering the best remodeling ROI.
The 36th annual study by Remodeling magazine and Zonda Media compares the average costs of 23 remodeling projects with the value those investments will retain at resale based on surveys of more than 6,000 Realtors. “True to form, this year’s report confirms a consistent truth that has been revealed on every report for the last 30 years: Exterior replacement projects typically provide a higher return on investment than interior discretionary remodels at the time of house sale,” the magazine said.
Leading the way among exterior projects were garage door replacements, recouping 102.7% of costs. It was topped only by HVAC electrification conversion, a new category for 2023, which recoups 103.5% of costs.
Manufactured stone veneer (such as Westlake Royal Building Products’ Versetta Stone panelized stone siding) once again placed high on the list, offering the third-best ROI at 102.3%, up more than 10 percentage points over last year. The study looked at the cost versus return from replacing a 300-square-foot band of vinyl siding from the bottom third of a home’s front façade with manufactured stone veneer, along with sills, corners, and address block.
The other exterior projects in the top 10 were steel entry door replacement (100.9% cost recouped), vinyl siding replacement (94.7%), fiber cement siding replacement (88.5%), vinyl window replacement (68.5%), and wood window replacement (61.2%). Minor kitchen remodel and a midrange bath remodel joined HVAC conversion as the other non-exterior projects in the top 10.
“The reason for high returns on exterior projects stems from what real-estate professionals regularly witness from buyers: If their first impression is a run-down exterior, they tend to enter the property wary and reluctant to spend large on the property,” Remodeling editors said. “If, on the other hand, the home looks well taken care of, they enter with a more positive view from the outset.
Manufactured Stone Delivers Most Remodeling ROI in Two Regions
When the Remodeling 2023 Cost vs. Value report is broken down geographically, manufactured stone delivered the most return on investment among all projects in two areas: the South Atlantic (Maryland, Delaware, Virginia, North Carolina, South Carolina, Georgia, Florida), with a dramatic 109% ROI, and the East North Central (Michigan, Wisconsin, Illinois, Indiana, and Ohio), with 103% ROI.
With a panelized format the installs with nails or screws and requires no mortar, Versetta Stone offers remodelers an easy way to embrace the high-ROI benefits of manufactured stone. Each lightweight panel covers 2 square feet and features a built-in rainscreen. Browse profiles and colors here.
See the full Remodeling 2023 Cost vs. Value Report study and associated trends at www.costvsvalue.com.
(Remodeling 2023 Cost vs. Value Report: © 2023 Zonda. Complete data from the Remodeling 2023 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.)