For homeowners looking to improve the resale value of their homes, the best improvements are those that increase the property’s curb appeal. The newly released 2023 Cost vs. Value Report from Zonda Media, which compiles national data on ROI in connection to a variety of upgrades and repairs, shows that exterior renovations are the best way to generate higher resale value while also spending less, on average, than costly interior projects.
The newly released 2023 Cost vs. Value Report from Zonda Media, which compiles national data on ROI in connection to a variety of upgrades and repairs, shows that exterior renovations are the best way to generate higher resale value while also spending less, on average, than costly interior projects.
According to the report, manufactured stone veneer (MSV) has the capacity to generate a significant return on investment. This year’s study found that homeowners nationwide could recoup as much as 102.3% of project costs upon resale. In some regions, that figure is even higher, and it represents a higher return than in any of the previous seven years.
Nationally, an MSV update ranked third overall among projects capable of generating the most ROI, behind HVAC conversion and garage door replacement. All three categories ranked above 100% in the 2023 report, as did upgrading the front entry with a steel door, which ranked fourth on the list nationally.
Regional Results
Regionally, MSV updates actually topped the list in some areas. In particular, states in the South Atlantic and Middle Atlantic regions saw the highest rate of return for MSV renovations. Other key figures include:.png?width=295&height=369&name=Copy%20of%20ES%20COTY%20Blog%20Graphics%20(1000%20%C3%97%20800%20px).png)
- Top marks in the South Atlantic (Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, Washington, D.C.), with a 108.9% return
- Strong performance in Middle Atlantic states (New Jersey, New York, Pennsylvania), with a 102.8% return
- An impressive return in East North Central states (Illinois, Indiana, Michigan, Ohio, Wisconsin) of 102.6%
- Solid performance in West South Central states (Texas, Louisiana, Arkansas, Oklahoma), with a 102.2% return
- A healthy return in East South Central states (Alabama, Kentucky, Mississippi, Tennessee) of 101.5%
First Impression = Best Impression
According to the 2023 Cost vs. Value Report, exterior projects are driving more ROI than interior projects for the fifth consecutive year. Seven of the top 10 project opportunities in this year’s report correlate to exterior renovations. This includes the following projects:
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- garage door replacement (ranked #2 nationally)
- manufactured stone veneer (ranked #3 nationally)
- steel entry door replacement (ranked #4 nationally)
- vinyl siding replacement (ranked #5 nationally)
- fiber-cement siding replacement (ranked #6 nationally)
- vinyl window replacement (ranked #8 nationally)
- wood window replacement (ranked #10 nationally)
In addition to a full HVAC conversion, which ranked #1 overall nationally, two interior remodeling projects also found a spot in the top 10: midrange kitchen remodels (with a projected return of 85.7% nationally) and midrange bath remodels (with a projected return of 66.7% nationally).
“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 reported. “If, on the other hand, the home looks well taken care of, they enter with a more positive view from the outset.”
MSV Project Size
Manufactured stone’s ranking 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 an 8x10-inch keystone and soldier course of flats on either side.
This representative installation includes two separate layers of water-resistive barrier laid over bare sheathing, corrosion-resistant lath and fasteners, and nominal ½-inch mortar scratch coat.
To read more analysis and see additional results, including those broken down to metro area, visit the 2023 Cost vs. Value portal.
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