Which Has More Value – Interior or Exterior Renovations?
You’ve probably heard that putting money back into your home is one of the best ways to spend money. It’s true, you not only get the satisfaction of enjoying a quality renovation – your property becomes more valuable and thus you get more money when it comes time to sell your home.
As a homeowner, have you ever wondered where you should invest that money though? If you have an emergency such as a leaky roof that’s one thing, but what about for normal home remodels? More specifically, which is going to provide you more value – an interior or an exterior renovation?
Experts Say Start with the Exterior
Real estate agents say the projects that have the most bang for the book start at your home’s exterior. There is one major reason why it’s recommended to start renovating the exterior of your home first – and that’s because the projects generally cost less to complete. Not only that, sealing up your exterior provides protection for the interior from weather issues and it helps save on your utility bills by sealing up air gaps which adds to the ROI.
Curb appeal is very important for boosting your home’s market value and a beautiful exterior property is what lures buyers to an open house in the first place. Some top exterior improvement projects are new siding, roof replacement, and having new windows and doors installed. Curb appeal helps immediately draw in a potential buyer’s interest in the property.
Interior Projects Provide a Different Type of Value
Exterior renovations definitely provide a financial return on investment. So do interior remodels, but the biggest boost that renovating the inside of your home is a quality of living improvement. There is no doubt a value in that as well from convenience to comfort to even improved mental health such as having a luxurious new kitchen / bathroom or having an extra bedroom to free up space.
The thing about interior renovations is that as a whole, they generally cost more than exterior projects. This is because interior projects are much more detailed and include plumbing/electrical, painting, finishing, etc. in addition to the work itself.
Because of the higher costs, interior renovations will actually return you a higher bulk of your initial investment, just a generally lower percentage. Kitchen and bathroom remodels for example offer a common ROI of around 65 to 80 percent but may cost $20,000 to $40,000. Adding a deck meanwhile could have a return on investment of 90% or more, but the total project cost might only be $10,000 to $15,000. Finding the real value in your renovation is understanding if you want the highest resale of your home as possible – or the most “bang for your buck!”
Contact us for a free inspection and estimate on your next exterior replacement project! Minneapolis roofing, siding, windows, insulation, or decks. It’s that easy!