Before embarking on a remodeling project, whether large or small, most homeowners ponder not just their design preferences and lifestyle needs, but whether the renovation will add value to their home. Today’s Homeowner with Danny Lipford sought to bring clarity to the question with a recent study that looked into the return on investment of common remodeling projects. The data show that, resoundingly, exterior remodeling and renovation projects deliver the largest return, with garage doors leading the way.
Industry experts continue to tout the strength of the remodeling market, as homeowners elect to renovate their existing houses rather than navigate high interest rates and low inventory for new homes. “With Americans spending more time at home than ever, the total amount spent on renovations and upgrades soared by nearly 27% between 2020 and 2022,” Today’s Homeowner said.
But with material and labor costs also high, understanding which projects provide the most value is more important than ever.
The study examined data from 70,000 homes in more than 1,200 markets, analyzing the cost versus value recouped for 34 different project types. Today’s Homeowner found that the average return for all projects is 69%. But the average cost recovered for exterior remodeling projects is 23% higher than interior projects; in fact, the top 10 projects reaping the best ROI were on the exterior.
“Curb appeal really matters when selling your home,” Realtor Suzanne Coddington, of Dickens Mitchener, told Today’s Homeowner. “It’s difficult to get buyers to see a home that has little or no curb appeal.”
Garage door replacement was the only project category to reap a full 100% return on investment, followed by wood window replacement (95.5% cost recovery), screened-in porch addition (92.9%), fiber cement replacement (92.7%), and vinyl siding replacement (91.0%) and vinyl window replacement (91.0%).
“When considering new siding, look for high-quality, low-maintenance materials,” Steve Booz, Vice President of Marketing & Product Management for Westlake Royal Building Products, advised the Today’s Homeowner audience. “Some products offer insulation or locking seams for increased energy efficiency. And don’t be afraid to play with color, texture, different profiles, and contrasting trim — siding can be beautiful as well as functional.”
The remaining projects in the top 10 comprised an in-ground pool (90.1%), composite deck addition (86.9%), concrete backyard patio (86.4%), and wood deck addition (80.1%).
To view the full study results and expert commentary, click here.
Looking to elevate your exteriors with high-ROI materials? Browse Westlake Royal Building Products’ extensive selection of vinyl siding and accessories.What to See at the 2023 International Builders’ Show￼
Another year has come and gone, and that can only mean one thing: The 2023 International Builders’ Show and Design & Construction Week are right around the corner. The show returns to Las Vegas this year and is more jam-packed than ever—along with co-exhibiting with the Kitchen & Bath Industry Show, the NAHB announced that the National Hardware Show, the Las Vegas Winter Market, and The International Surface Event (consisting of Surfaces, StonExpo, and TileExpo) will all co-date with IBS.
With so much to see, here’s a look at some of our picks and previews for IBS to help you get organized.
The 2023 International Builders’ Show features more than 100 education sessions and more than 225 speakers, so whether you’re looking for business strategies, installation know-how, or the latest trends, there’s something for everyone. Here are a few that caught our eye:
• What’s Next for Exteriors
Tues., Jan. 31, 2-3 p.m.
• Super Session: A Complete Guide to Housing Trends, Forecasts & Insights for 2023
Tues., Jan. 31, 1:30-4 p.m.
• 8 Strategies for Leading Your Custom Building or Remodeling Company Through Challenging Times
Weds., Feb. 1, 8:30-9:30 a.m.
• Learning Lab: 23 Digital Marketing Tools & Trends for 2023
Weds., Feb. 1, 8:30-9:30 a.m.
• Shifting Demographic Trends: What’s Next for the U.S. Housing Market
Weds., Feb. 1, 1-2 p.m.
• Trends, Forecasts & Key Indicators: What Custom Builders & Remodelers Need to Know in 2023
Weds., Feb. 1, 3-4 p.m.
• Beer & Banter: Designing Homes to Optimize Health & Happiness (sponsored by Westlake Royal Building Products)
Weds., February 1 at 4:15-5 p.m.
• From Outside to In: A Walk Through of the Latest Design Trends
Thurs., Feb. 2, 10:30-11:30 a.m.
See the latest trends and products in person through these at-show opportunities:
• Immersive Experience
Westlake Royal Building Products is excited to have our products featured in Pro Builder’s Immersive Experience. At our booth (C3819) or on your laptop or phone, virtually explore three unique home exteriors in this fun tool. Tour the homes and experiment with styles and colors while learning about product details.
• Pro Builder Show Village
See the latest innovations, products, and design trends across five site-built homes at the Pro Builder Show Village at the exterior exhibits. Westlake Royal’s products will be featured on the Impresa Home: Unified Steel Stone Coated Metal Roofing, Celect Cellular Composite Siding and Trim, Royal® Trim Post Wraps, and Eldorado Stone & Kindred Outdoors + Surrounds.
• ProTradeCraft LIVE Stage
ProTradeCraft’s Jobsite Training Portal comes to life across three stages. Be sure to check out live demos of our Tapco Tools brakes!
• The New American Home
Celebrating its 40 anniversary, The New American Home showcases the newest products and design trends, as well as the cutting-edge innovation and energy efficiency. This year’s project, located in Henderson, is a 7,575-square-foot, two-story contemporary house designed to be an entry-level home for the luxury market. Features include a spa, game room, outdoor fire features, and roof deck with Vegas and mountain views.
• New Product Zone
See a handful of the show’s product introductions at the New Product Zone on the exhibit floor.
In addition to Show Village, the ProTradeCraft Live stage, and the Immersive Experience, you’ll find Westlake Royal Building Products at one of the Central Hall’s largest exhibit booths—C3819. Our entire exterior portfolio—Siding, Trim, Roofing, Stone, Windows, and Outdoor Living—resides under one space this year, so there’s much to see.
We’re introducing an array of new products across our brands, including new vinyl colors, new column wraps, Cedar Renditions™ Board & Batten siding, new profiles from Eldorado Stone, and many more!
In addition, Westlake Royal is proud to be a supporting sponsor of the NAHB Remodelers & Remodeling Central and the NAHB Professional Women in Building & PWB Headquarters, both at IBS.
We can’t wait to see you there!
Image credit: Oscar Einzig Photography