Every year real estate professionals pay particularly close attention to the annual "Cost vs. Value Report" that Remodeling magazine publishes, to learn the most important projects that could help their clients sell their homes faster and for more money.
The 24th annual edition of the free report was recently released with input from some of the top remodeling professionals in the country as they ranked 35 remodeling projects based on how much money they recoup. The results were somewhat surprising.
According to the report, exterior upgrades recoup more money than interior renovations, a trend that has been progressing the past five years.
The biggest recommendation on the list is replacing the front door with a steel entry door, which on average recoups more than 100 percent of the renovation costs.
The report also lists garage doors as a wise investment, recouping from 69.8 to 83.9 percent. Other smart outdoor renovations include siding replacement (recouping 80 percent) and wood window replacement (recouping 72.4 percent.)
When it comes to the interior of the home, the two areas that bring back the most money both take advantage of using space that is available. The projects that best retain their value for resale are attic renovations and basement remodels, recouping 72.2 percent and 70 percent, respectively.