Based on the insights from the 2024 Cost vs. Value (CVV) report released by Zonda, it's clear that exterior improvement projects continue to dominate as key investments for homeowners looking to maximize their return on investment (ROI). The Journal of Light Construction (JLC) breaks it down even further by revealing typical costs for specific renovation costs and their returns.
In its 37th annual iteration, the CVV report highlights a consistent trend: nine out of the top 10 projects with the highest ROI involved exterior enhancements. This is no surprise to real estate professionals who understand the significant impact that curb appeal has on a property's market value. First impressions count, and a well-maintained exterior can elevate a home's attractiveness to potential buyers, setting the stage for a successful sale.
The focus on curb appeal highlights a significant trend in real estate: visual first impressions are crucial. Enhancements to a home's exterior, such as replacing garage doors, updating windows, or investing in quality siding, can provide substantial returns for sellers. These improvements make the home more attractive and demonstrate a sense of proper maintenance and care, which is highly appreciated by choosy buyers.
When reviewing the detailed project data, it's clear that homeowners and sellers considering renovations should focus on exterior updates to achieve the best financial return. Simple upgrades, such as replacing steel doors, or larger projects, like adding a deck, can offer substantial benefits in a competitive real estate market.
As this trend persists, sellers and homeowners should consider aligning their renovation priorities with those with the highest ROI, as outlined in the CVV report. The report is an essential resource for professionals in the industry, guiding informed decision-making and investment in home improvement projects that enhance livability and aesthetics while also adding tangible value at resale.
You can read the full JLC article here: key-trends-in-the-2024-cost-vs-value-report
