According to Remodeling Magazine's 2015 Cost vs. Value Report, these five replacement projects will make the greatest percentage impact on the value of your home this year — accounting for cost-to-value ratio, the key to making smart home improvements with resale in mind:
1. Roofing Replacement
Roof replacement gives you the biggest bang for your buck in 2015, rising 5.9% over 2014 values at an average cost of $7,740. Roof replacement includes removing the existing roof and installing new shingles with underlayment, flashing, galvanized drip edges and trim.
2. Garage Door Replacement
A well-chosen garage door can make a powerful statement and add a beautiful accent to your home. Garage doors come in four basic types: swing-up, roll-up, swing-out or side-sliding. The cost to install a new garage door will vary depending on style and material, but average around $1,150. This cost generally includes the new door, galvanized steel tracks, rollers or hinges, and removal and disposal of the existing door and tracks.
3. Steel Entry Door Replacement
You can add elegance and security to your home by replacing your old entry door with a steel door. Not only is this the least expensive of 2015's cost-to-value projects at an average of $923, but it also has the highest resale rating. This project includes the new door unit, jambs and threshold with composite stop. This also presents a great opportunity to choose a new lockset if you can't reuse your existing one.
4. Vinyl Siding Replacement
While vinyl siding replacement is among the more expensive home renovations, it's also the very definition of curb appeal. New siding and trim can transform the look and vitality of your home, increase resale value, and improve weatherproofing and energy efficiency. You can expect siding installation to cost between $5,600 and $8,000, depending on your location.
5. Fiberglass Entry Door Replacement
Fiberglass and steel offer superior strength and durability compared to their wooden counterparts. The cost-to-value ratio of replacing an entry door with a fiberglass door boasts an increase of 72% over 2014. The replacement process involves removing the existing door and jambs and mounting the new door unit and jambs along with exterior trim.
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