The time of year is here to talk about the annual Cost vs Value 2021! This report is generated each year by Remodeling Magazine, which overviews the best remodeling projects for your money. These numbers reflect remodeling projects during a pandemic, with most people spending more time at home during 2020-2021. This translated into more time for home improvements.
In fact, according to Fixr, 68% of homeowners have carried out more projects than before the pandemic! Read on to see which projects will be the best for your home and give you the most bang for your buck.
What Is Cost vs Value vs Return On Investment (ROI)?
- Cost is the amount of money necessary to complete the project. This can vary on supply and demand and global tariffs.
- Value is the amount of money you can expect to recoup when you sell your home which changes on trends.
While you may not be putting your house on the market this year, its important to analyze the data here so you can make sound decisions in investing on your home in selecting which home improvement projects have the most ROI (return on investment) value against lower value ROI projects…the key to picking the BEST projects for the BEST return.
The 2021 Cost vs Value Report is a national report broken down by region. Regions can be pinpointed down further to major cities. In this report, our numbers reference ROI for the Boston market.
2021 ROI Recap
- Vinyl siding replacement: 81.7% ROI
- Vinyl window replacement: 72.9%
- Fiberglass entry door replacement: 68.8%
- Asphalt roof replacement: 64.8%
Vinyl Siding Replacement Yields 81.7% ROI
This year, vinyl siding is the frontrunner for exterior remodeling ROI in the Boston area.
What value do you get from the new vinyl siding replacement?
- Insulated vinyl siding can reduce energy bills by roughly 11%, keeping your home cooler in the summer and warmer in the winter.
- If you sell your home, you’ll receive roughly 81.7% back from the money you invested.
- Vinyl siding replacement is a smart alternative to wood siding. You never truly own a paint job as you need to paint every few years, especially if you live in Coastal New England!
- Vinyl eliminates the cost of painting which can cost up to $11,000 or more depending on the size of the home. Remember that you must continue to paint your home every 5 years so you never “own a paint job”. Then you are left with wood siding that will look dull and drab or worse peeling and have rot! Remember wood siding is not impermeable to water!
- A vinyl siding warranty will guarantee that your panels won’t warp, rot or fade from the sun.
How to Choose Quality Vinyl Siding for Best ROI
Remodeling emphasizes the importance of quality when it comes to selecting vinyl siding as well as all other exterior products. This ensures that you’re getting the best value for your investment.
We recommend following this criterion when selecting new vinyl siding:
- Great quality vinyl defends all types of weather. It resists the elements including hail, and it won’t melt from heat or rot from exposure to moisture.
- You may spend up to $1,200 repairing a 170 sq. ft section of rotted wood siding.
- Insulated panels improve home performance and provide an insulating blanket to the outside walls. This prevents energy from escaping through the wood studs.
When you get vinyl siding that looks like wood, there is no reason to choose high-maintenance, expensive wood siding ever again.
Vinyl Window Replacement Yields 72.9% ROI
Ready to replace your windows in 2021? You’re in luck. Upgrading with new vinyl windows will get you a 72.9% return on investment!
What value do you get from new replacement windows?
- If you go to sell your home, you can see a return of 72.9% of your total cost spent on new window replacement.
- Beautiful curb appeal can further increase home value by up to 12%, which is tremendous for a seller’s market.
- New vinyl windows make your home more comfortable, reduce drafts, and improve temperature control.
How to Choose Quality Vinyl Windows for Best ROI
- Cost vs Value clarifies that the highest value for vinyl windows is based on quality. High-quality replacement windows can last for life, while poor-quality products may last 5 years or less.
- Choose replacement windows with a coating of Low-E. This is invisible glazing that allows the sun to naturally warm your home in the winter. In the summer, it keeps the sun from overheating your home.
- Argon or krypton gas inside the glass panes provides additional insulation and prevents heat transfer. This is key to improving indoor comfort.
- Ensure that your new replacement windows are professionally installed. Even the highest quality windows will not perform properly with poor installation.
Fiberglass Entry Door Replacement Brings 68.8% ROI
A new fiberglass entry door is an ideal way to improve curb appeal. It can also block out drafts, especially when you choose products with Q-Lon weather stripping and a polyurethane core.
When it comes to ROI, a new entry door offers 68.8%!
What value will you receive from a new entry door replacement?
- You will receive 68.8% back for your investment if you choose to sell your house.
- A new entry door can also help you sell your home, as it’s one of the first aspects of your exterior that buyers will notice.
- Fiberglass is an eco-friendly material that doesn’t require the harvesting of trees, unlike wood doors.
- A new entry door improves home security and provides peace of mind for the whole family: a priceless perk for all New England homeowners!
How to Get the Best ROI for Entry Door Replacement
- Fiberglass door installation is ideal over steel or wood, as they do not rust or rot and can withstand coastal conditions. Meanwhile, repairing a damaged or rotted entry door can cost you up to $600.
- Choose new entry doors with a polyurethane foam core for maximized insulation.
- Invest in fiberglass entry doors with quality weatherstripping such as a Q-Lon. This seals out the elements and prevents energy loss all year long.
Asphalt Roof Replacement Offers 64.8% ROI
The final high ROI upgrade for your exterior in 2021 is asphalt roofing. We offer a quality GAF roofing system that improves your home from the inside out.
What value will you receive from the new roof replacement?
- If you sell your home, you can recoup as much as 64.8% of the cost that you spent on your roof.
- A well-ventilated roof can rescue you from costly and potentially dangerous mold growth. With proper ventilation, you can save between $2,000-$6,000 in mold removal costs.
- In peak seasons, you can save as much as 15% on your energy bills with a new roof replacement.
Our Tips to Getting Best ROI for Roof Replacement
- Choose asphalt roofing as a more cost-effective option over metal. Metal roofs can dent from hail and tree branches. Metal roofs are also prone to rust.
- Ensure that your new roof comes with a wind warranty. Coastal Windows & Exteriors installs roofs with zinc-coated nails at ¾” in length for maximized wind resistance. Best of all, our roofs come with an UNLIMITED wind warranty for your peace of mind.
- Your roofing contractor should install all the important components of a roof, which is effective at preventing ice dams in the winter and improving air circulation in the attic. Click here to learn about the important components of a roof.
Best vs. Worst Upgrades for New England
Here is a recap on where you’ll get the best (and worst) bang for your buck this year.
According to Remodeling Magazine, 11 out of the 12 projects ranked nationally had the highest ROI were exterior improvements.
According to Fixr, “It is interesting to note the clear delineation between interior and exterior projects and their ROIs in 2021. The exterior projects, those that are seen first and create a strong impression on buyers, have a much better return.
Out of these 22 projects presented in the report, the top half with the highest ROIs contain 10 exterior projects and one single interior project. The exact opposite occurs with the lowest 11 ROIs which contain 10 interior projects and only one exterior project.”
Check out the lists below and see for yourself. It’s quite clear that exterior remodeling projects are the ones you want to tackle first!
Highest ROI Upgrades:
- Garage door replacement: 95.3%
- Manufactured stone veneer: 90.6%
- Vinyl siding replacement: 81.7%
- Vinyl window replacement: 72.9%
- Minor kitchen remodel: 70.3%
- Deck addition: 63%
- Bath remodel: 62%
- Entry Door Replacement: 68.8%
- Asphalt Roof Replacement: 64.8%
Lowest ROI Upgrades:
- Metal Roof Replacement: 59.7%
- Bathroom Remodel (Upscale): 55.6%
- Major Kitchen Remodel: 55.1%
- Major Kitchen Remodel (Upscale) 53.9%
- Master suite addition (Midrange): 52.8%
- Bathroom Addition (Midrange) : 50.3%
- Bathroom Addition (Upscale) 50.1%
- Master Suite Addition (Upscale): 46.2%
What is the Cost Influence Behind Exterior Replacement Projects?
The trend of exterior placement is accelerating. Homeowners felt more comfortable allowing contractors to work on the exterior of the home rather than inside the home where the virus could spread.
Furthermore, with the rising cost of raw materials, wood window frames and wood siding are not as appealing to many homeowners. The cost of these materials is up with lumber hitting $60 for a sheet of plywood. That same plywood cost just $20 a year ago.
Another point to note is that spending more doesn’t always reveal the most value. In fact, choosing to tackle lower cost projects such as siding (82%) vs a master suite addition (48%) can actually benefit in the long run with a much higher ROI average overall!
Time To Think Like A Real Estate Professional:
What Value Does A Particular Remodeling Project Add To The Sale Price Of A Home?
There are two important factors to know for why exterior upgrades retain a high return on investment: curb appeal and first impressions. These are two of the strongest selling points for a home. If a home boasts beautiful vinyl siding and a new fiberglass entry door, it can attract buyers much easier than drab curb appeal.
On the other hand, buyers are more likely to pass up a home with rotted windows and peeling paint. This year’s NAR Trends states that 97% of home buyers use the internet to search for homes leading to walk-throughs and exterior viewing of homes.
Don’t miss the first impression!
Why Summer Is The Best Time For Home Improvements
Besides locking in your order during a global pandemic…aka supply and demand, these are many reasons to act now with your summer home improvement project.
- Summer provides the best time to renovate in terms of contractor’s availability. Days are also longer in the summer so the workers will have more time to work which can shorten the project duration.
- Great weather conditions! It is the perfect weather..no messes of rain, mud or ice. Colder weather can delay projects from inclement weather. The warmer months offer the ideal environment for outdoor work, especially for roofing materials that require higher temperatures to seal, and the summer sun offers the perfect source.
- After a recent national shortage of exterior materials, Coastal Windows & Exteriors is ahead of schedule! Our elite status allowed us to secure materials and fast track your roofing, siding, windows and entry doors orders! Get your project done before the fall/winter months. Act now to delay any upcoming delays.
- Nothing increases curb appeal quite like new siding, roofing, entry doors & windows. You can go to the nicest house on the block! Not only can you get your job completed this summer and show it off, you will receive all the energy efficient money savings upgrades- have your cake and eat it too!
Nothing increases curb appeal quite like new siding, roofing, entry doors & windows. You can go to the nicest house on the block! Not only can you get your job completed this summer and show it off, you will receive all the energy efficient money savings upgrades- have your cake and eat it too!
Your home is your single most important asset and if living in a pandemic does not remind you of anything else, remember how important your home is to you. It keeps you safe and gives you a place to work from home without the worry of COVID-19. We hope you found which projects have the best ROI for your home.
Interested in Roofing, Siding, Windows and/or Entry Doors? Get the best ROI by choosing high-quality exterior products that are designed for performance and last for life. Contact us for a free quote on replacement windows, vinyl siding, fiberglass entry doors, and asphalt roofing!