There are so many home improvement projects you can take on to increase the selling price of your home. But before you start demolishing walls, be strategic in what you decide to take on as a home improvement project. Certain updates have a much higher ROI when it comes to increasing the value of your home.
Remodeling magazine released its annual Cost vs. Value Report, which can be found here. According to the 2020 report, curb appeal goes a long way in home improvement. Out of the top 10 projects with the highest ROI, nine of them are outdoor home improvement projects.
Nationally, adding manufactured stone veneer tops the list of all 22 home improvement projects included in the report. The top 10 projects are:
Manufactured Stone Veneer (95.6% ROI)
- Average Cost: $9,357
- Average Resale Value: $8,943
Garage Door Replacement (94.5% ROI)
- Average Cost: $3,695
- Average Resale Value: $3,491
Minor Kitchen Remodel (Midrange) (77.6% ROI)
- Average Cost: $23,452
- Average Resale Value: $18,206
Siding Replacement (Fiber-Cement) (77.6% ROI)
- Average Cost: $17,008
- Average Resale Value: $13,195
Siding Replacement (Vinyl) (74.7% ROI)
- Average Cost: $14,359
- Average Resale Value: $10,731
Window Replacement (Vinyl) (72.3% ROI)
- Average Cost: $17,641
- Average Resale Value: $12,761
Deck Addition (Wood) (72.1% ROI)
- Average Cost: $14,360
- Average Resale Value: $10,355
Window Replacement (Wood) (68.9% ROI)
- Average Cost: $21,495
- Average Resale Value: $14,804
Entry Door Replacement (Steel) (68.8% ROI)
- Average Cost: $1,881
- Average Resale Value: $1,294
Deck Addition (Composite) (66.8% ROI)
- Average Cost: $19,856
- Average Resale Value: $13,257
For Charlotte specifically, manufactured stone veneer recoups all of the cost of installation, with an ROI at 100.1%. In line with the national results, a garage door replacement is also second in terms of ROI in Charlotte. A majority of the top 10 home improvement projects in Charlotte with the highest ROI are all outdoor upgrades. Remember, curb appeal is important in selling a home.
For details on the projects researched, along with the ROI for home improvement projects nationally, regionally, and by city, check out the full report here.
