Remodelers and homeowners seeking the biggest bang for their buck will find it with manufactured stone veneer, according to the Remodeling 2020 Cost vs. Value report.
The annual Cost vs. Value Report examines which remodeling projects deliver the highest perceived return in resale value. In 2020, manufactured stone (such as Boral Building Products’ Versetta Stone), was the retrofit project with the highest ROI at the national level—95.6%, an increase from 94.9% last year. The only other project with an ROI in the 90% range was garage door replacement, coming in second at 94.5%.
The 95.6% ROI for manufactured stone is based on replacing a 300-square-foot continuous band of existing vinyl siding from the bottom third of the street-facing façade with manufactured stone veneer, sills, corners, and address block, along with outlining the entry archway and adding a keystone and a soldier course on either side.
Manufactured stone also offered the highest ROI of all categories in five out of nine regions: Pacific (Alaska, Washington, Oregon, and California), with a whopping 119.5% return; Mountain (Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, and New Mexico), with a 100.0% return; South Atlantic (Maryland, Virginia, West Virginia, North Carolina, South Carolina, Georgia, and Florida), at 94.0%; West South Central (Texas, Oklahoma, Arkansas, and Louisiana), at 91.1%; and East North Central (Wisconsin, Michigan, Illinois, Indiana, and Ohio), at 88.0%.
Exterior Facelifts Continue to Deliver
As with the 2019 report, the 2020 Cost vs. Value study found that exterior projects dominated all others, capturing nine of the top 10 spots for ROI. Following manufactured stone and garage door replacement, those projects comprised fiber cement siding replacement, vinyl siding replacement, vinyl window replacement, wood deck addition, wood window replacement, steel entry door replacement, composite deck addition, and asphalt roofing replacement. Only minor kitchen remodels ranked as high, at 77.6%.
“The reason for high returns on exterior projects, and especially façade facelifts, stems from the valuations set by the real estate community,” Remodeling reported. “In order to make the best use of the Cost vs. Value tool, a remodeler has to think like a real estate broker. ‘Curb appeal’ and ‘first impressions’ are central to a real-estate professional’s estimation of resale value. Granted, a home’s exterior will only persuade potential buyers to see more, and first impressions can vary from one individual to the next. But the impact these impressions make is critical in setting the stage for what a buyer is willing to pay for a home.”
To read more analysis and see results, including those broken down to metro area, visit the Remodeling 2020 Cost vs. Value portal on Remodeling’s website.
Cost vs. Value Report note: © 2020 Hanley Wood, LLC. Complete data from the Remodeling 2020 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.