The National Association of Realtors' 2011-2012 Remodeling Cost vs. Value Report says that while remodeling exterior replacement projects are known for rewarding homeowners, some come with more bang for their buck.
The report says that seven of the top ten most cost-effective projects nationally, with regard to values recouped, are exterior replacement projects. Fiber-cement siding replacement was voted the top project expected to return the most money, with an estimated 78 percent of costs recouped upon resale. Other siding replacement projects made the list including foam-backed vinyl siding with a 69.6 percent return and upscale vinyl siding with 69.5 percent.
Garage door replacement made the list as a previous contender due to the average cost of the project decreasing more than 15 percent. The report says that upscale and midrange garage door replacement projects are expected to have a cost return greater than 71 percent.
Realtors estimate that homeowners would recoup nearly 57.7 percent of their investment in 35 different home improvement projects, down slightly from an average of 60 percent reported last year. Many factors of the slowly improving economy, including unemployment in the construction industry and the increasing cost of materials, lead to a rise in the price of remodeling projects and in turn kept homeowners from upgrading.