Homeowners often have a wish-list of various home improvement projects that could make things more comfortable and livable for their family, especially as it grows. It doesn’t hurt to know how much of their investment in upgrading the home can be recouped should they decide to put it on the market. Of course, returns on investment will depend on the project you’ve undertaken and how you execute that project. Every year, Remodeling Magazine releases its classic cost vs. value report, which analyzes a broad range of home improvement projects to better gauge which ones are ideal in generating returns for homeowners. This 2017, not much has changed from last year’s results, which isn’t necessarily a bad thing. All the projects in this year’s report paid back an average of 64.3 cents on the dollar in resale value. Read on to find out which projects actually pay off; we’ll also give you tips on maximizing your investments.
PART 1: WINDOW CONDENSATION - WHAT CAUSES IT?
A new roofing system probably isn’t the first thing that comes to mind when thinking about a boost in home value. It’s reasonable, given that interior remodeling projects are typically the upgrades preferred by homeowners. However, according to Remodeling Magazine’s Cost vs. Value report, having new roofing installed can have a substantial impact on home value. COST VS. VALUE: ROOF REPLACEMENT The 2017 cost vs. value report details the approximate return on investment homeowners can get by replacing their old roofing system with a new one. It reveals that a roof replacement can increase home value by an average of nearly $15,000. It also indicates that homeowners who have new roofing installed can expect to recoup an average of 68.8% of the total job cost through increased home value. These numbers put new roofing ahead of a kitchen or a bath remodel in terms of recovered cost. WHY INVEST IN ROOF REPLACEMENT? A new roof comes with plenty of benefits homeowners can enjoy. Let us take a closer look at some of the greatest advantages of replacing your old roofing system: • Improved Home Value – As mentioned above, you can recoup as much as $15,000 of the total installation cost for new roofing, according to the latest cost vs. value report released by Remodeling Magazine.
PART 1: Roofing Projects
• Exterior Transformation – According to experts, the roof represents up to 40% of a home’s overall curb appeal. This is because it’s one of the largest and most noticeable parts of the exterior. If you’re looking to make adjustments to your home that can offer instant transformation, invest in a new roofing system. A new roof can set the tone for your home’s appearance and can even enhance its functionality. • Cool Roof Technology – Believe it or not, some types of roofing materials come with an ENERGY STAR® certification because they are designed to reflect solar heat, thereby cooling your home and reducing utility costs. Metal, slate and other types of asphalt shingles are some of your best choices.
• Better Protection – Of course, we all know that the main job of your roof is to protect your home from the elements. With a new system installed, you can get rid of major cracks, gaps and holes that compromise the structural integrity of your roof. ooooo
Window replacement is also one of those projects that can be worth investing in if you’re looking to boost your home’s value. Learn more about this project in the second part of this ebook.
PART 2: HOW WINDOW CONDENSATION AFFECTS YOUR HOME
Your home’s value can increase or decrease over the years, depending on the market and how well you take care of it. . One of the most effective ways to boost the value of your home is by looking to invest in new windows. Window replacement might seem costly at first—an upscale window replacement project can fall between $15,000 to 19,000—but when you think of how much it can affect your property value in general, this is a smart investment. Over time, new windows can pay for themselves, especially if you go about the project the right way. COST VS. VALUE: WINDOW REPLACEMENT (VINYL AND WOOD) First things first: getting new windows for your home can amount to significant returns on investment. If you spend $15,282 to replace your old windows with new vinyl windows, your home could increase in value by over $11,000. This represents an ROI of as much as 73.9%, which is an excellent financial payoff. Wood window replacements priced at $18,759 offer a resale value of roughly $14,000. This represents an ROI of 73%, which is approximately the same as vinyl. WHY INVEST IN WINDOW REPLACEMENT? Are the other reasons you can think of to invest in window replacements-other than bumping up your home’s total value? Take a look at these notable benefits:
PART 2: Window Replacement
• Energy Efficiency – Today’s windows come with innovative components that make them truly energy-efficient. They have the ability to reduce your utility bills when it comes to lighting and heating, so that you’re not only boosting your home’s value, but paying even less in annual bills. • Improved Aesthetic Appeal – First impressions matter; as with the roof, your home’s windows are one of the first things people notice. New windows prevent drafts and minimize damage from excessive moisture in the home by providing better ventilation. They also bring a fresh look to the home in numerous styles, colors and sizes to complement just about any architectural design.
• Lighting Enhancement – Natural lighting is one of the many unsung benefits of windows. By replacing your worn-out units, you can significantly improve your home’s lighting. This can also allow you to save on artificial lighting costs and give your indoors a better, brighter aesthetic. ooooo
New roofing and windows can definitely increase your home valu. But how can you make the most of these home improvement investments? Check out some expert tips in the last part of this ebook!
GIVEN HOW WINDOWS CONTRIBUTE A HUG
Planning to invest in some home improvement projects this season? Roofing and window replacement are just two of the smartest projects you can do for your home—there are a lot more out there that can ensure your home’s overall beauty, comfort and value. When considering remodeling projects, careful planning is essential to ensuring that everything will run smoothly. After all, remodeling tasks take a considerable amount of time and money, and sticking to a blueprint can minimize the hassle of carrying your project through to completion. Keep these important tips in mind to help you maximize your investment: • Assess Your Home’s Condition – Look around your home and ask yourself the essential questions: Do I really need a complete remodel or replacement, or will a few aesthetic touch-ups work just as well? Taking the time to consider the options and examine what your home really needs not only helps you better control overall costs, but also helps you keep things on track. Sometimes, homeowners make the mistake of replacing things while they’re still in good condition. Unless your aim is to boost home value and aesthetic instantly, or to sell your home soon, be sure to think twice about making major modifications. Don’t forget to consult an expert for advice on your plans.
PART 3: Tips on Maximizing Your Home Improvement Investment
• Budget Properly – Unless you keep a close eye on things, your home improvement budget can run wild due to unexpected changes in plans, or simply because of unexpectedly high price tags. To make the most of your investment, it’s always best to determine what you can afford and stick as closely to your budget as possible. Determine what you can spend first and then do your homework to determine how far that amount can go. As you create your budget, remember to set aside an additional 20% for possible contingencies.
• Go Green – The latest on roofing and window technology, as well as innovations in other aspects of home improvement has paved the way for the development of sustainable, energy-efficient products. Be sure to consider green options to help you save on utility costs over time, as well as to help protect the environment. • Hire a Professional – This means choosing someone who has the right bonafides: complete licenses, insurance policies, certifications and bonds. Hiring an expert can add an extra layer of protection for your investment. They’ll have the right solutions to the problems, helping you maximize the potential of your upgrade projects.
PART 3: Tips on Maximizing Your Home Improvement Investment
When choosing which projects are worth your time and money, it’s important to weigh the cost and value of each one. If the total cost exceeds the amount to be recouped, it might be better to invest in something else instead. Analyzing these factors is the most logical and effective way to make sure your remodeling budget is well-spent. However, in addition to practicality, it’s also as important to think of your investment from an emotional standpoint. It’s essential to keep you and your family happy, because in the end, your home is more than just financial matters and calculations—it’s a place where you should be able to be yourself and feel, well, at home.
Ethos General Contractors 10303 E Dry Creek Road Suite 400, Englewood, CO 80112 (855) 553-8467 www.ethosroofing.com