When it comes to selling a home, first impressions are everything. Potential buyers often make snap judgments about a property based on its exterior, which means curb appeal plays a crucial role in the selling process. Investing in exterior home updates can enhance your home’s aesthetic appeal and increase its market value.
Even if you aren’t planning on selling and just want to make some outdoor updates you feel good about, any improvements you make now can pay off in the long run. Since the exterior is the first thing buyers see, even routine maintenance on your home matters. We’ll break down why curb appeal is important, some of the typical updates, and their costs.
Why Curb Appeal Matters
First Impressions: The exterior of your home is the first thing buyers see. Think about when you’ve viewed home listings online – the first photo is typically the outside of the front of the home. Some real estate listing systems even require that to be the first photo. A well-maintained exterior suggests that the interior is also well-cared for, setting a positive tone for the entire viewing experience.
Faster Sale: Homes with good curb appeal tend to sell faster. Buyers are more likely to be drawn to and invest time in viewing homes that look appealing from the outside.
Increased Value: Homes with strong curb appeal often sell for more than similar homes with less visual appeal. Your specific return will depend on the market itself and the area your house is in. Attractive landscaping, a fresh coat of paint, and other updates can yield a high return on investment (ROI).
Necessary Exterior Upgrades
Yes, cosmetic exterior upgrades are great and can offer a high ROI, but it’s important to focus on regular maintenance-related upgrades first, as they will likely be discovered in a home inspection. These can really cost you when negotiating the sale price of your home. Here are some of the things you should stay on top of and address before you move on to some of the more cosmetic enhancements.
Roof Repair or Replacement
Cost: $5,000 – $29,000
ROI: 50% – 70% (according to numbers from Cost vs. Value Report 2023)
If your roof needs repair when you sell your home, you can leave it as is and lower your listing price, or you might need to be prepared to offer a credit to the buyers to fix it. A new roof is a significant investment, but it can make your home look well-maintained, protect it from damage, and help you get top dollar when selling it.
Addressing any damage to your roof after a storm is critical for maintaining your home’s structural integrity and safety. High winds, hail, and heavy rain can cause shingles to lift, crack, or go missing entirely, leading to potential leaks and water damage inside your home. Replacing or repairing your roof promptly prevents minor issues from escalating into major, costly problems. Fortunately, homeowners insurance often covers storm-related roof damage, helping to offset repair or replacement costs. Filing a claim with your insurance company can provide the financial support needed to invest in high-quality materials and professional installation. This not only restores your roof’s functionality but also enhances your home’s overall curb appeal and market value, ensuring it remains protected against future weather events.
Siding Repair or Replacement
Cost: $300-$15,000
ROI: 70%-94%
Another defect buyers might see is neglected siding. Similarly to roofs, some damage to siding might be covered by homeowners insurance. Depending on the type of material used, you can see varied costs for these repairs or replacements, though vinyl siding is generally the most cost-effective option. Good siding can improve the look of your home and help protect it from the elements. According to the U.S. Department of Energy, homeowners can save up to 20% on heating and cooling by upgrading their siding. So, not only is it improving the look of your home, but it can also help you save money on your monthly utility bills.
Windows
Cost: $300 – $1,500 per window, including insulation
ROI: 70-80%
If you live in an older home, it is extremely important to consider upgrading your windows and checking the wood and trim around them. Not only can older windows and rotted or bad trim cause you to have issues cosmetically, but these things can also cause leaks that may be even more costly if water damage occurs.
Higher returns on investment with new windows are due to increased energy efficiency, improved curb appeal, and enhanced comfort and security. Additionally, energy-efficient windows can often qualify for tax credits and rebates, further offsetting the initial costs. Overall, new windows are a wise investment that adds substantial value to your home while providing long-term savings and benefits.
Window repairs may be just as important as upgrades; check these things to make sure your windows are in tip-top shape:
- Check for air leaks.
- Replace caulking or add weather stripping.
- Add storm windows.
- Add solar film.
More Affordable but Arguably Necessary Improvements
Front Door Updates
Cost: $1,000 – $2,000
ROI: 75% – 100%
The front door is a focal point of your home’s exterior. A new, stylish door can make a strong statement. Choose a door that complements your home’s architectural style and consider adding features like decorative glass or modern hardware. Depending on whether your door is in good working order, a new coat of paint could significantly improve your home’s value. According to a Zillow study, a black front door will sell for more than other colors, with grey being the worst.
Garage Door Replacement
Cost: $1,000 – $3,000
ROI: 85% – 95%
If the typical repairs don’t bring your garage door into working order, you might need to consider replacing it. Look for designs that complement the overall style of your home and consider options with windows or unique patterns for added character.
Top Exterior Cosmetic Updates
Landscaping
Cost: $1,500 – $5,000
ROI: 100% – 150%
Landscaping is typically ranked as the third most common pre-listing update. Attractive landscaping is one of the most effective ways to boost curb appeal. While many homeowners can live without nice landscaping, it’s one of the most noticeable updates. Colorful plants, trimmed hedges, and a green lawn can transform a drab yard into a welcoming oasis. Homeowners can focus on this as a routine task to help them stay on top of the state of their yard. Good maintenance matters when it comes to the inviting nature of your yard. Upgraded lighting in your front yard can also be a good thing to consider in this area.
It’s important to consider your backyard as well. While it’s not the first thing people see, it certainly will play a part in your home’s appeal to potential buyers. One of the higher ROI investments in your backyard can be a midsize deck addition. Making your backyard an inviting space can increase the value of your home while also providing a nice place for homeowners to relax and unwind.
Exterior Painting
Cost: $1,000 – $2,000
ROI: 75%-100%
A fresh coat of paint can significantly update the look of your home. Opt for neutral colors that appeal to a broader range of buyers. Painting not only refreshes the appearance but also protects your home from the elements.
It’s important to consider your home’s style, the amount of sunlight exposure it receives, and the other materials used on its exterior. You can always consult your realtor to see what the highest-selling homes are in your area and what color they are to see what might work well for you.
Driveway and Walkway Repairs
Cost: $500 – $2,500
ROI: 50% – 75%
Cracked or stained driveways and walkways can detract from your home’s appearance. Repairing or resurfacing these areas can make a big difference. Consider materials like concrete, pavers, or asphalt for a clean, updated look.
When deciding which updates to invest in, consider your budget and the current condition of your home. Focus on areas that will make the most significant impact. Small changes like adding a new mailbox, house numbers, window shutters, smart locks, or a new welcome mat can also enhance curb appeal without breaking the bank.
Remember that you can also borrow money from your house to make updates. Many houses have increased in value over the last few years, helping people accumulate more equity in their homes. You can use a HELOC or cash-out refinance to obtain funds to make updates to your house. Fill out our contact form to learn more about your options.
In conclusion, whether you are preparing to sell in the future or simply want to enjoy the look of your home more, investing in exterior home updates is a smart move. These improvements not only make your home more attractive to potential buyers but can also lead to a higher sale price and quicker sale. When it comes to selling, focusing on maintaining your home’s curb appeal can ensure that your home stands out in the competitive real estate market.