The release of the 34th annual Cost vs. Value report finds exterior improvement projects continuing a multiyear trend of providing the greatest return on investment (ROI) for homeowners. Indeed, 11 out of the 12 projects with the highest ROI were exterior improvements.

The trend of exterior replacements outperforming larger discretionary remodeling projects has been accelerated, no doubt, by a year in which COVID has made people reluctant to have contractors inside their homes, but yearning to improve outdoor spaces. It has been a year when we’d expect decks to reign supreme, but the data doesn’t track what’s most popular. The Cost vs. Value report tracks the ratio of value over cost for 22 common remodeling projects, and in that ratio lies the rub: Material costs, especially for decking and pressure-treated framing lumber, went the through the roof in 2020, bringing down the return despite the project’s value.