Remodeling Rewards: Valuable Advice to Maximize Your ROI
As flowers sprout from the ground, it seems “For Sale” signs do, too. And for good reason—according to realtor.com, half of all homes are sold during the summer months. And spring preparation for selling a house often means taking on some long-overdue home improvement projects.
Trim your projects to the ones with the highest ROI.
Each year, Remodeling magazine publishes a Cost vs. Value Report that compares costs to value for 30 home remodeling projects across 100 U.S. markets. The worth is measured by how much value those projects retain when the home is sold.
So what gives you the biggest bang for your buck? Here are the highest yield-returning projects, according to the Remodeling 2016 Cost vs. Value Report:
Installing fiberglass attic insulation: 116.9 percent return. Installing insulation has more immediate benefits, too: regulating temperature, increasing energy efficiency and reducing a home’s carbon footprint.
Replacing the garage door: 91.5 percent return. And updating your front door is a great value, too. Choose a steel entry door for a 91.1 percent return. Or, choose a fiberglass door and you can expect to recoup 82.3 percent of the cost. Need some ideas for making a memorable entrance? We shared some front-door design inspiration here.
For another high-ROI project, elevate your exterior with new siding: The report found that upgrading your exterior with engineered siding yields a 78.6 percent return. And replacing your siding with new vinyl yields a 73.2 percent return. Look for high-quality, low-maintenance materials. Some products offer insulation or locking seams for increased energy efficiency. And don’t be afraid to play with color, texture and contrasting trim—siding can be beautiful as well as functional.
Reel in the lifestyle returns.
In addition to added curb appeal and increased resale value, making updates to your home can save you time and effort. For example, if you choose to replace your home’s siding with a low-maintenance vinyl or cellular composite, you’ll not only eliminate the need to paint or treat your siding for mildew, you’ll also discover more time on the weekends for family or a favorite hobby.
Another project that provides lifestyle benefits is updating your landscaping—you can instantly make your home more attractive by planting trees and flowers or spreading fresh mulch.
When completing home improvement projects, consider quality of life in addition to monetary ROI. You’ll ensure whatever projects you choose will result in benefits for years to come.
© 2016 Hanley Wood, LLC. Complete data from the Remodeling 2016 Cost vs. Value Report can be downloaded free at www.costvsvalue.com.